For the week that was in the stock market the Dow Jones Industrial Averages, the Nasdaq Composite Index and the Standard and Poors 500 declined after weeks of upside momentum.
The down week in the stock market was due to the European debt crisis as G-20 leaders failed to agree on fund increases by the (IMF) International Monetary Fund.
The top industry indexes in the week that passed were Disk Drives +1.60% followed by Computer Hardware +1.15%, Gold & Silver +0.48%, Utilities -0.37%, and Hospitals -0.48%.
The (VIX) Volatility Index ended the week on the upside due to the pullback in the market to close at 30.15 +5.63 points or +22.95%. There was also an advance in the price of the U.S. dollar as it advanced higher to the upside after 3 prior weeks of price declines.
The unemployment rate fell to a six month low in the month of October from 9.1% to 9.0%. The economy also added 80,000 jobs as revisions in reference to the economy show that the economic conditions are much better than most investors expect.
In the commodities markets the price of gold moved higher for the second consecutive as the oil index moved higher for it’s fourth. The price of silver declined after moving higher the week prior to end the week trading at $34.15 per ounce down $1.22 or -3.46%.
The gold index ended the week trading at $1,756.50 per troy ounce up $12.00 or +0.69%, as the price of oil ended the week closing higher for the fourth consecutive week. The oil index ended the week trading at $94.42 per barrel up $0.79 or +0.84%.
The top percentage gainers in the market this week were companies such as (MDVN) Medviation, Inc. +125%, (BBX) Bank Atlantic +104.55%, (OWW) Orbitz Worldwide +43.23%, (COCO) Corinthian Colleges, Inc. +32.62%, and (SPMD) Supermedia, Inc. +30.69%.
The Dow Jones Industrial Average began the week trading at 12,229.22 and declined to a price low in the 11,630.03 area before ending the week slightly higher on the upside. The index is above its 5, 10, 32, 50 and 200 week moving averages. Downside support for the index is in the 10,404.35 area with upside resistance at 12,876.10.
The top percentage gainers in the Dow 30 this week were (HD) Home Depot, Inc. +0.75%, (WMT) Wal-Mart Stores, Inc. +0.61%, (MCD) McDonalds Corp. +0.56%, (IBM) International Business Machines +0.57%, and (KFT) Kraft Foods, Inc. -0.62%.
The Dow Jones Industrial Average ended the week trading at 11,983.24 down -247.87 points or -2.03% on lighter than average downside trading volume of 4.44 billion. The average weekly trading volume for the Dow Jones Industrial Average is 4.52 billion.
The Nasdaq Composite Index began the week trading at 2,705.89 and declined to a price low at 2,597.16 before ending the week trading higher. Downside support for the tech weighed Nasdaq is at 2,298.75 with upside resistance at 2,887.85.
The top percentage gainers in the Nasdaq 100 this week were (QUAL) Qualcomm +6.14%, (ERTS) Electronic Arts, Inc. +4.56%, (FAST) Fastenal Co. +4.27%, (EXPE) Expedia, Inc. +4.01% and (ADBE) Adobe Systems, Inc. +2.65%.
The Nasdaq ended the week trading at 2,686.15 down -51.00 points or -1.86% on lighter than average downside trading volume of 10.02 billion. The average weekly trading volume for the Nasdaq Composite Index is 10.17 billion.
The Standard and Poors 500 began the week trading at 1,284.96 and moved to a price low in the 1,215.42 area before ending the week trading higher on the upside.
The S&P 500 has been moving higher to the upside for 4 of the past five trading weeks. As for now the index is above its 5, 10, 50 and 200 week moving averages but below its 32, and 50 week moving averages.
The top percentage gainers in the S&P 500 for the week were (ITT) ITT Industries, Inc. +34.81%, (EL) Estee Lauder Cosmetics, Inc. +16.30%, (BIG) Big Lots, Inc. +9.78%, (RSH) Radio Shack Corp. +7.92%, and (HUM) Humana, Inc. +7.75%.
As the week came to an end, the Standard and Poors 500 closed at 1,253.23 down -31.85 points on lighter than average downside trading volume of 17.31 billion. The average weekly trading volume for the S&P 500 is 17.55 billion.
By: Marlin Rolle
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