Weekly Financial Report
2008-06-21 13:45:46 (GMT) (Caymanmama.com - Business News)Wall Street (CaymanMama.com) — CNN reported that stocks fell on Friday as the week ended on a lower note as the Dow was sent to 3-month low because of the worries related to crisis in the credit market and inflation. Investors looked forward to the safety of federal debts as the bonds rallied. The dollar saw a slip in comparison to chief currencies.
The industrial average of Dow lost about 1.8% or 220 points and closed at the lowest point ever since March 10th. The index of S&Ps lost 1.9% which closed at lowest point since about 3 months. Nasdaq composite also lost 2.3%. For this week, Dow lost 3.85, S&P lost 3.1% and Nasdaq lost 2%. Amidst the spiking prices of oil, the stocks remained under pressure through the week and especially renewed the financial worries of the market. Although the crisis has been prevent for over a year, the current poor results reminded the Wall Street that it is still far from getting over.
Both Goldman Sachs and Morgan Stanley reported big falls in the quarter profits of this week. In the mean time, Merrill Lynch also reported a downgrade in the number of local banks on Friday while the ratings service of Moody cut its viewpoint on a couple of bond insuring persons. Westwood Capital’s managing director, Len Blum, said that the financial sector is going through continuing erosion and there are less chances of it getting better soon.
The larger financial institutions like Bank of America, Citigroup and Morgan Stanley also stumbled. In addition to Dow, other significant losers were Home Depot, Alcoa, General Motors and Verizon Communications. The big sliders in the technology field included Apple, Microsoft, Google, Dell, eBay and Oracle. The average price of one gallon of usual unleaded gas saw a rise from $4.073 to $4.075. The Comex gold fell 50 cents and settled to $903.70 per ounce.
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