Video: Reuters Business Recap for the Week of October 15, 2007
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What a week!
The US stock markets headed nowhere but south as worries of a recession returned to the street. The earning season kicked into high gear last week, however the early reporters did bring investors much to cheer about. Big banks, including Citibank, Bank of America, and Wachovia, wrote down billions of dollars of assets from bad investments. Meanwhile, the US dollar fell to all time low against Euro and oil broke the $90 level for the first time in history.
For the week, the S&P 500 fell 3.9% to 1,500.63, snapping a five-week winning streak. The Dow declined 4.1% to 13,522.02 and the NASDAQ lost 2.9% to 2,725.16, getting some help from tech bellwether stocks such as Intel and Google. Spot gold gained $15.50 to close at $763.60/ounce Friday. Crude oil feture rose $4.91 to $88.60 a barrel on NYMEX.
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Yeah, it feels like *yesterday* some PF Bloggers were bragging about “Missing the Rally” smug in the recent rally. Perhaps “getting out” was a better approach after all and now you regret some losses and perhaps some other losses to come.
Of course there is no guarantee that the market will drop 10% tomorrow. It may climb up tomorrow, next week, next month and forever until the day before you retire at which point it drops 50% but only time will tell.