US mkts recover from day's low to end flat
The Dow Jones Industrial Average ended down 22.5 points or 0.2% at 11675 on Friday, after seeing recovery of 76 points from day's low of 11599. It was up 0.8% for week ((Indian markets lost 4% last week)).
January 10, 2011 / 11:28 IST
By Varinder Bansal, Research Analyst at CNBC-TV18
The US markets recovered from day's low and outperformed most global markets last week.Ben Bernanke said that economic recovery seems likely to be stronger in 2011 than 2010, but the pace is insufficient to significantly reduce the unemployment rate.The Dow Jones Industrial Average ended down 22.5 points or 0.2% at 11675 on Friday, after seeing recovery of 76 points from day's low of 11599. It was up 0.8% for week ((Indian markets lost 4% last week)).The Nasdaq was down 7 points or 0.25% at 2703, after seeing recovery of 27 points from day's low of 2676; it was up 1.9% for week.The S&P 500 Index fell 2 points at 1272, after seeing recovery of 10 points from day's low of 1262 on Friday; was up 1.1% for week.US Declining Sectors: Financials went down 0.9%, Telecom was down 0.9%, Consumer Staples fell 0.5%.European markets ended lower on Friday: CAC was down 1, DAX down 0.5% and FTSE down 0.6%.Asian markets were trading lower. Jakarta tanked 4%. Shanghai was down 0.4% and Kospi down 0.7%. Straits Times and Kospi were marginally in red. SGX Nifty down 0.2%
Europe Update-Peripheral European witnessed emergence of debt worries; PSI General Index was down 2.7%, Argentina MerVal down 1.6% and Spain down 1.5%.-Yield on Portuguese 10-year bonds has risen to a euro-era record of 7.1%-Portugal, Spain and Italy are scheduled this week to hold their first bond auctions of the yearUS Economic NewsDecember non-farm payrolls increased by 103,000 against expected increase of 150,000 and private payrolls increased by 113,000 against expected increase of 162,000Unemployment rate declined to 9.4% from 9.7% - lowest level in more than 1-1/2 years, but the drop is most likely due to expiration of unemployment benefitsCurrenciesDollar ended down 0.3%; gained 2.6% last week - best weekly performance since NovemberEuro set its three-month low of USD 1.291 Yield spreads widened on the sovereign debt of countries in the eurozone's peripheryCommoditiesCRB Commodity Index fell 0.4% on Friday. It was down 2.7% last week - worst weekly performance since mid NovemberCrude oil prices fell 0.4% at USD 88/barrel on Friday. It was down 3.6% for weekNatural gas prices declined 0.4% at USD 4.42 per MMBtu while unchanged for week.Silver prices fell 0.9% at USD 28.87/ounce on Friday and were down 6.7% for the weekGold was down 0.2% at USD 1368.7/ounce on Friday. It was down 3.7% for the weekSugar rose 4.2%Data to watchMonday: Employment trends index, after-the-bell earnings from AlcoaTuesday: earnings from Lennar, Chevron interim resultsWednesday: Weekly mortgage applications, oil inventories, Federal Reserve
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