Video: Reuters Business Recap for the Week of August 20, 2007

The stock market’s recovery continued last week as the S&P 500 registered its biggest weekly gain since March. On Friday, US stocks got a boost from better-than-expected economic news. Durable goods orders for last month showed a strong gain of 5.9%, while new home sales increased an annual rate of 2.8%, according to the Commerce Department (Bloomberg.com). The average price of new homes, however, dropped 3.4% from a year ago (CNN.com).

For the week, the S&P 500 increased 16.87 points (1.2%), to 1,479.37, the Dow added 142.99 points (1.1%) to 13,378.87, and the NASDAQ gained 34.99 points (1.4%) to 2,576.69. Spot gold rose $10.57 to end the week at $667.90 an ounce and crude oil for September delivery was down 82 cents to close at $71.09 a barrel on Friday.

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