The markets finished near session lows Friday. They ended up breaking a three-day winning streak. This move was sparked by fresh fears over the euro zone sovereign debt crisis.
The Dow Jones lost 120.79 points to close at 12,822.57. The S&P 500 fell 13.85 points to close at 1,362.66. The Nasdaq dropped 40.60 points to close at 2,925.30.
Friday brought a welcome sight for the under sieged dollar. With risk aversion and a significant euro sell off. The fundamental boost offered US Dollar Index a 0.5 percent jump to break its five-day, 155-pip decline.
However, from here we cannot discern temporary correction from genuine trend reversal. From the Dollar Index and the S&P 500. The move has retraced a fraction of the preceding week’s progress. Settingup probabilities on these standards alone would leave us with a rather low probability for seeing fresh, multi-month highs for the buck in the near future. On the other hand, we can find a spark in the EURUSD’s volatile position.Though the dollar has a significant climb before it is forging 22-month highs again, an influential break like a EURUSD collapse would represent a big step in delivering us there.
Crude lost $1.22 on Friday to close at $91.44 . Gasoline: added less than a penny to finish at $2.943 per gallon. Heating oil lost 2.27 cents to clsoe at $2.9243. Natural gas rose by 8.2 cents to end at $3.081. Gold was up 20 cents to close at $1584.30.
Natural Gas Chart
General Electric reported earnings that rose past expectations by a penny, but revenue was lower than estimates. The company added it was finding ways to grow despite a hazy economic outlook. Google rose after the search-engine giant posted earnings that beat Wall Street expectations, but revenue fell slightly short. Microsoftreported earnings excluding one-time items that beat analysts’ expectations though the software giant posted its first net loss since going public in 1986 and had revenue that fell short of expectations. AMD tumbled more than 10 percent after the chipmaker forecast revenue below expectations amid the weak global economy.