Markets close at highest level since December of 2007 $SP500.I
- Published: 07 January 2013
- Markets closed the week on a stronger note after better than expected ISM Non- Manufacturing data and steady US Non-Farm Payrolls encouraged markets
- Markets continue to de-risk with the VIX falling below 14.0 to record losses of nearly 40% for the week. This was the VIX's worst weekly loss in at least 26 years
- All major S&P500 sectors closed the week out on a positive note with financials and telecoms leading the gains. For the week the Dow, S&P500 and NASDAQ posted positive gains rallying by 3.84%, 4.57% and 4.66% respectively
- Citigroup rallied 2.51% after the stock was added to the GS conviction buy list
- US blue chips Alcoa and Wells Fargo are scheduled to report quarterly sales this week to unofficially start the reporting season
- Chipmakers INTC, AMD and TXN were mixed despite an increase in chip sales
- DOW +0.33%, S&P500 +0.49% and NASDAQ +0.04%
- USD softened with the better US economic data, the EUR and AUD traded higher
- Gold was weaker then rebounded later in the session, Crude closed the week down
