Video: Reuters Business Recap for the Week of September 10, 2007

Posted by Sun on September 15, 2007

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After two consecutive losing weeks, major indexes rose last week, thanks to two triple-digit gain trading sessions for the Dow on Tuesday and Thursday. Investors were encouraged by the news that consumers are still spending though the retail sale numbers came in lower than expected. Meanwhile, concerns over the availability of credits that fueled the takeover boom in the first half of 2007 eased as a rate cut at next week FOMC meeting was deemed as a sure thing. The only question is by how much.

For the week, the Dow climbed 2.5% to 13,442.52, the index’s largest weekly gain since April, the S&P added 2.1% to 1,484.25, and the Nasdaq gained 1.4% to 2,602.18. Gold continues its rally last week after gaining $5.38 an ounce to close the week at $706.95/ounce. Gold price could move even higher if the Fed indeed cuts the benchmark interest rate next week, which will make dollar less attractive to investors. A weak dollar is always good for gold. Crude oil closed above $80 a barrel on Thursday for the first time since the trading began in 1983. Crude for December delivery advanced $2.40 for the week and closed at $79.10 on Friday.

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