Stocks came off thier worst in the final hour of trading, but finished firmly in the red. This came after a bad jobs report.
The Dow and the S&P 500 posted weekly losses. The Nasdaq managed to have a small gain for the fifth-consecutive week.
The Dow lost 124.20 points to close at 12,772.47. The S&P 500 fell 12.90 points,to close at 1,354.68. The Nasdaq lost 38.79 points, to finish at 2,937.33.
Since hittin a at 21-month high in June, the US Dollar Index has struggled to regain an upward move. The dollar has also withstood a general risk appetite run that has otherwise lifted equities and other growth linked assets to 2-month highs. This resistance taps into the a fundamental current that has defined a tangible deterioration in growth along with expectations for yields.. a sense sense of hope. However, rational assessment of risk and reward offers a very discouraging picture of the investment landscape. For potential return, the aggregate yield of the major currencies’ 10-year government notes are just off of the record low we saw back in June. Treasuries are 38 percent lower than the low-point back in 2009. The only reprieve in the standard equilibrium is that volatility readings are still low and set lower peaks when they do swell. This could be the greatest effect stimulus has had.
Crude oil finished lower by 3.5% Friday. Crude was down less than 50 cents on the week. In July, the market was in a $5 range. Gold broke through its 50 day MA losing 1.6% today closing near its lows on the week. The 50 day MA at $1600 is key reisistance. Silver lost 2.2% Friday and 4.3% in the last two sessions.
Deutsche Bank fell sharply following reports German regulators are investigating the financial services company on possible Libor rate manipulation. The probe comes a week after Barclays was fined $453 million by U.S. and British authorities for calculating Libor rates.
Meanwhile JPMorgan and BlackRock have closed off their European money-market funds to new investors. Goldman Sachs stopped accepting new money in its GS Euro Government Liquid Reserves Fund, according to reports.