Market Close - Friday, January 27, 2012
January 27, 2012 4:37 PM
Markets finished off the week with mixed action. Markets rose earlier this week as the Fed pledged to keep interest rates low at least until late 2014, but stocks lost ground after a disappointing report on the economic growth. U.S. gross domestic product expanded at a 2.8% annual rate, slightly below expectations for a 3% percent gain. Meanwhile, investors overlooked the consumer sentiment index as it rose to an 11-month high in January, according to a University of Michigan survey. In the commodity realm, crude oil experienced a weekly gain as gasoline jumped to the highest level since August and amid concern that European Union sanctions on Iran could curb supplies. Meanwhile in the metals complex, gold climbed to a seven-week high of $1,735 an ounce on speculation that the Fed’s pledge to keep interest rates low will drive the dollar lower and boost demand for precious metals. For the week, the Dow finished down 0.5% closing at 12662, the NASDAQ gained 1% to 2816 and the S&P 500 index finished virtually flat at 1316. On top of this week’s minor gains, the S&P 500 is now poised for its best January since 1997. On the fixed-income front, Treasurys rose after a week of solid demand at government auctions and yields on 10-year notes fell to 1.90%, hitting the lowest level in nearly two weeks. Breadth on the NYSE and NASDAQ was 2-1 positive on issues. Composite volume on the NYSE totaled over 3.8 billion shares.
This information was prepared by or obtained from sources that Wells Fargo Advisors believes to be reliable. Any market prices are only indications of market values and are subject to change. The material has been prepared or is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Additional information is available upon request.
Investment and InsuranceProducts:„NOT FDIC Insured„NO Bank Guarantee„MAY Lose Value
Wells Fargo Advisors, LLC, Member SIPC is a registered broker-dealers and a separate non-bank affiliate of Wells Fargo & Company.
