Video: Reuters Business Recap for the Week of November 26, 2007

Posted by Sun on December 1, 2007
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US equities were lifted last week by hints from top Federal Reserve officials that another rate cut could be coming in the next FOMC meeting in early December. Stock markets opened the last trading week of November on a down note with the Dow posted yet another triple-digit lose on Monday after the strong post-Thanksgiving weekend retail sales failed to boost investor confidence. But stocks surged on Tuesday after Citigroup announced multi-billion dollar cash infusion by Abu Dhabi, easing concerns of the availability of capital at the biggest bank in US. The rally continued for the rest of the week as speculations of more rate reductions in the coming months grew.

For the week, the S&P 500 gained 2.8% to 1,481.14, the Dow added 3% to 13,371.72, and the tech-heavy NASDAQ climbed 2.5% to 2,660.96. As the US dollar strengthening against other major currencies, gold saw a big drop in the week. Spot gold lost $38.5 in the past five days to close at $783.10 an ounce on Friday, while crude oil traded below $90 after getting close to $99 a barrel on Monday. Crude for January delivery was at $88.71/barrel on NYMEX on Friday.

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