Video: Reuters Business Recap for the Week of September 24, 2007

Posted by Sun on September 29, 2007
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The last trading week of the month ended on the up note despite the moderate decline on Friday. With the lack of other significant economical and policy news, the contract agreement reached between GM and the labor union grabbed the headline last week and was hailed as a landmark contract that could bring competitiveness back to the US auto industry. Meanwhile, new home sales in August declined 8.3% to an annual rate of 795,000, the lowest in 7 years (Bloomberg).

For the week, the S&P 500 gained 0.1% to 1,526.75, the Dow rose 0.6% to 13,895.63, and the NASDAQ increased 1.1% to 2,701.50. As equities advanced for the new, so did commodities. Gold saw the highest close since 1980, reaching $743.10 an ounce on Friday. For the week, spot gold gained nearly $12 as US dollar touched fresh new low against Euro. Crude oil for December delivery closed at $81.66 on Friday after dropping below $80 a barrel early.

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