Click here for the Weekly Wrap by Briefing.com.
BOTTOM LINE: Overall, last week's market performance was mildly negative. However, losses could have been worse given the rise in energy prices and significant worries over General Motors. These concerns, combined with fears over the possibility of slowing US economic growth, pressured stocks throughout the week on decent volume. Cyclical and Technology shares bore the brunt of the selling, while Energy-related stocks outperformed through week’s end. As well, the Gaming sector saw buying interest as Station Casinos(STN) boosted its first-quarter forecast and the Insurance sector underperformed, led lower by weakness in AIG. The Morgan Stanley Tech Index is once again below its 200-day moving-average and the NASDAQ is now trading near the psychologically important 2000 level. The advance/decline line fell on the week and most sectors declined. Measures of investor anxiety were mostly higher, which is a positive. Finally, the US dollar gained as a report showed foreign demand for US assets rose substantially in January.
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