Weekly Market Review ~ Friday, 10/19/12
Stocks opened the week on Monday with a nearly 1% gain following a positive US retails report, the third monthly gain for this important economic indicator. On Tuesday, the market tacked on an additional percent as investor sentiment over the US economy and Spain/Greece seems to be improving. The Dow had its fourth consecutive winning day on Wednesday despite disappointing earning reports from heavyweights IBM and Intel. An encouraging September home construction report lends further evidence that a housing recovery is underway. A disappointing earnings report from Google sent stocks down on Thursday, although the losses were minimal. Friday marked the 25th anniversary of Black Monday, the day in 1987 when the Dow dropped almost 23%. While not nearly on the same scale as Black Monday, stocks fell hard on renewed concerns over corporate earnings.
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