Friday, January 28, 2005

Market Week in Review

S&P 500 1,171.36 +.30%

Click here for the Weekly Wrap by Briefing.com.

Bottom Line: The bears’ inability to send shares lower before the lifting of much uncertainty next week is a positive. Crude oil futures were unable to close above the psychologically important $50/bbl. level even in the face of cold weather, the possibility of extreme violence in Iraq, an OPEC meeting and a better-than-expected GDP report from China. Utility stocks made new highs for this cycle and the transports rebounded from recent losses. Outperformance by semiconductors was also a positive. Overall, there were enough positive events this last week to send shares higher under normal circumstances. However, rising apprehension ahead of the weekend held gains in check.

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