Weekly Market Review ~ Friday, 10/05/12
The fourth quarter of 2012 began on Monday with renewed optimism among traders, with gains registered by the Dow, S&P 500, and NASDAQ. An unexpectedly favorable manufacturing report seemed to be the cause for the uptick. On Tuesday stocks bounced up and down considerably to settle near the unchanged mark after the Spanish prime minister cast doubt on an imminent Eurozone bailout of the country. The market was little changed again on Wednesday despite a report showing that private-sector job growth diminished less than expected in September. On Thursday the major indexes had solid gains once again even in light of a report finding that weekly initial jobless claims increased. Such a gain a was somewhat surprising considering investors’ tendency to be cautious on the day before the monthly unemployment rate is updated. The much-anticipated September unemployment rate report did not disappoint, as the unemployment rate dipped below the 8% mark for the first time since January 2009 at 7.8%. Still, the major indexes did not finish strongly on concerns about more Eurozone woes, this time regarding Greece’s chance to receive additional aid.
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