Video: Reuters Business Recap for the Week of August 13, 2007

Posted by Sun on August 18, 2007
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What a week!

After three losing sessions early in the week, the stock markets made a huge comeback Thursday. At one point, the Dow was down some 340 point, only to finish the trading day 15 points lower from the previous session. the S&P even made to the positive territory with a gain of 5 points. The recovery continued Friday after a surprise rate cut from the Fed. Though the rate is not the one the Fed used to manipulate the growth of the economy, the fact that the central bank acknowledged the potential risk from the subprime crisis and pledged that it will “act as needed” helped to restore investors’ confidence and calm the markets.

For the week, the S&P 500 slipped 0.5% to 1,445.94, the Dow dropped 1.2% to 13,079.08, and the NASDAQ declined 1.6% to 2,505.03. Spot gold lost nearly $14 to end the week at $657.33 an ounce and crude oil for September delivery settled at $71.98 a barrel on Friday.

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