In a week where Facebook’s IPO grabbed all the headlines, markets continued their down slide as the future of the Eurozone continues to weigh on investor’s minds.
On Wednesday, Greek president Karolos Papoulias announced that the country will hold new elections after politicians failed to form a coalition government to run the country. The vote is already being considered a referendum on whether the country should remain in the euro zone.
The S&P 500 declined for the sixth consecutive session Friday. The Dow has fallen for 12 of the past 13 sessions. This is the worst 13-session performance for the blue-chip index since October, 1974.
The Canadian dollar slid to a four-month low at 97.97 cents (US). The loonie has fallen almost three cents (U.S.) since the beginning of May as traders have avoided risky assets like commodities and resource-based currencies like the loonie in the midst of the Euro zone crisis.
Market Recap (as of May 18, 2012)
The TSX closed at 11281, down -414 points or -3.54% over the past week. YTD the TSX is down -5.64%.
The DOW closed at 12369, down -451.6 points or -3.52% over the past week.YTD the DOW is up 1.24%.
The S&P closed at 1295, down -58 points or -4.29% over the past week.YTD the S&P is up 2.94%.
The Nasdaq closed at 2779, down -155 points or -5.28% over the past week.YTD the Nasdaq is up 6.68%.
Gold closed at 1591, up 5.00 points or 0.32% over the past week.YTD gold is up 1.66%.
Oil closed at 91.16, down -4.69 points or -4.89% over the past week.YTD oil is down -7.83%.
The USD/CAD closed at 0.9797, down -0.0196 points or -1.96% over the past week.YTD the CAD/USD is down -0.01%