|
Weekly Market Outlook
|
Disappointing US jobs figures sent Wall Street tumbling on Friday, fuelling expectations of further fiscal stimulus by the Obama administration. The Dow Jones industrial average fell 253 points, or 2.2 per cent, to 11,240.26 points on Friday night, wiping out gains for the week.
The Standard & Poor's 500 index dropped 30.45 points, or 2.5 per cent, to 1173.97 points while the technology-heavy Nasdaq composite index sank 65.71 points, or 2.6 per cent, to 2480.33 points.
Gold surged nearly three per cent to $US1,881.69 per ounce, hitting its highest level since last week's record, as investors sought refuge in safe haven assets following the US employment report. Spot silver tracked gold to jump 4.65 per cent to $US43.34 an ounce by late afternoon, following a 3.2 per cent drop in the previous week.
More...
|
|
