Video: Reuters Business Recap for the Week of October 8, 2007

US stock markets continued their recovery from the summer slump last week and extended its winning streaks to 5 weeks as investors’ confidence got a boost from the minutes of the last Fed meeting which indicated the central bank is ready to take more actions should the economic conditions deteriorate. Meanwhile, the 0.6% gain in retail sales in September showed that consumer spending remained strong, despite the continuous weakening of the housing market. The government also reported that inflation is under control as the core producer price index rose by just 0.1% in September.

For the week, the S&P 500 climbed 0.3% to 1,561.80, the Dow Jones gained 0.2% percent to 14,093.08, and the NASDAQ added 0.9%t to 2,805.68. Both the S&P and the Dow hit record highs on October 9. Spot gold closed the week at $748.10/ounce, gaining $6.8 from last Friday. Crude oil for December delivery rose $2.47 to settle at $83.69 per barrel in New York Friday.

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