Commodities
The U.S. markets ended the week on a positive note, cheered by a retreat in commodities, a Fed’s decision to keep rates steady at 2%, better-than-expected results in pending home sales, and a stronger dollar. The ECB also kept its key rate unchanged at 4.25%, as concerns over the health of the euro zone economy increase. The NASDAQ led the major indices, up 4.46% for the week, its best week since 4/18. In addition to today’s 300 point gain, the Dow managed a 331 point run on Tuesday, marking its biggest point gain since April 1. Offsetting the rally, disappointing retailer sales and new capitalization uncertainties from Fannie Mae (FNM) & Freddie Mac (FRE) weighed on U.S. stocks in the middle of the week.
Next Week’s Highlights: The futures markets will closely follow economic news on International Trade, the Consumer Price Index (CPI), and Industrial Production. The next batch of earnings will come mostly from retailers Wal-Mart, Macy’s, JC Penney, and Home Depot. Hewlett-Packard will also report
