Video: Reuters Business Recap for the Week of November 5, 2007
Another tough week for stocks as the subprime mortgage pot continued to boil and more and more banks came out with big losses due to bad investments. After Merrill Lynch, Citi also ousted its chief executive last weekend, but that didn’t help its shares from slumping to the lowest level in more than 4 years. Meanwhile, other industries started to feel the pain of the crisis in the financial market. Network equipment maker Cisco System saw slower spending by financial firms on information technology. The weak growth forecast sent the stock 9.5% lower on Thursday, its biggest decline since August 2004.
Fro the week, the S&P dropped 3.7% to 1,453.70, the Dow lost 4.1% to 13,042.74, and the tech-heavy NASDAQ plunged 6.5% to 2,627.94. It’s the biggest weekly loss for the NASDAQ in more than 5 years. The continuous weakening US dollar pushed commodities to record levels. Spot gold price gained $26.10 last week to settle at $832.10 an ounce last Friday. Oil went over $98 early in the week before pulling back to register a 39-cent gain to $96.32/barrel on the NYMEX.
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I’ve still got my money in ING Direct even though the rates are pretty sucky. I’m probably losing out on $100 in interest a year when all is said and done…maybe it’s time to move.