FRIDAY'S MARKET WRAP-UP
Market Snapshot for December 4, 2011 (10:00 p.m. ET):
Closing Prices: DOW 12,019.42 (-0.61, -0.0%), S&P 500 1,244.28 (-0.30, -0.02%), NASDAQ 2,626.93 (+0.73, +0.03%), Nikkei 225 8,680.78 (+37.03, +0.43%), DAX 6,080.68 (+44.80, +0.74%), FTSE 5,552.29 (+62.95, +1.15%)
OIL 101.33, GOLD 1,751.10, SILVER 32.81
EURO 1.3411, YEN 77.95, BRITISH POUND 1.5608, U.S. DOLLAR INDEX 78.65
Market Overcomes Holiday Hump, but Faces New Challenges in the Week Ahead
The market performed quite a feat over the past several weeks. October began with a strong recovery after August's free-fall, but a lack-luster start to November was hit with strong selling in the second-half of the month as the Thanksgiving holiday approached. Not even Thursday's feasting and insane black-Friday door busters were enough to substantially perk the market's mood prior to the weekend. But as the new week began last week, it brought with it some renewed hope. After a rare six-day decline in which the Dow Jones Industrial Average ($DJI) remained under its 15 minute, 20-period moving average, the market turned sharply higher.
The buyers began to test the waters in Friday's shortened session, but got cold feet in the afternoon. On Monday, however, the market was able to hold strong gap higher that broke the index futures out of their downtrend channel. Breakaway gaps such as this are prime candidates leading into multi-day trend moves and boy did the market move! By the end of the week all the major indices were up over 7% and the Russell 2000 jumped a whopping 10.%.
Dow Jones Industrial Average (Figure 1)