FXstreet.com (San Francisco) - U.S. stocks ended the week in the red with only modest gains and losses on Friday, as investors refocus attention to Spain’s potential for a sovereign bailout request from the European Union, over shadowing an unexpected rise in U.S. consumer confidence to 5-year highs.
“The University of Michigan's measure of consumer confidence shot up to a five-year high of 83.1 in October, from 78.3, but we're not convinced this upturn will lead to faster consumption growth,” says Capital Economics
The Dow Jones Industrial Average gained 2.46 points to 13,328.85 but closed down more than 2% for the week, its biggest weekly decline since June 1. The S&P 500 Index and Nasdaq Composite suffered similar weekly declines; the S&P shed 4.25 points, or 0.3%, to 1,428.59, down 2.2% for the week -technically speaking, the S&P 500 remains above the 50-day moving average. The Nasdaq fell 5.3 points, or 0.2%, to 3,044.11.
“The University of Michigan's measure of consumer confidence shot up to a five-year high of 83.1 in October, from 78.3, but we're not convinced this upturn will lead to faster consumption growth,” says Capital Economics
The Dow Jones Industrial Average gained 2.46 points to 13,328.85 but closed down more than 2% for the week, its biggest weekly decline since June 1. The S&P 500 Index and Nasdaq Composite suffered similar weekly declines; the S&P shed 4.25 points, or 0.3%, to 1,428.59, down 2.2% for the week -technically speaking, the S&P 500 remains above the 50-day moving average. The Nasdaq fell 5.3 points, or 0.2%, to 3,044.11.
