The Dow industrial climbed to 12815.39 by an increase of 4.07 points, but the 2.1 percent weekly loss of the index was the steepest percentage decline after June.
The Blue-chip stocks closed an oscillating trading day a bit higher, but slid for the 3rd consecutive week, as the investors slowed on the trade-off after the presidential election.
The industrial average of Dow Jones edged up to 12815.39, indicating an increase of less than 0.1 percent or 4.07 points. The 2.1-percent weekly loss of the index was the highest percentage drop after June.
The shares of Technology led the S&P’s 500 stock index higher as it increased 0.2-percent or 2.34 points to 1379.85. The tech-based NASDAQ Composite profited 0.3-percent or 9.29 points to 2904.87, but recorded its 5th consecutive weekly loss.
The Dow dropped 3.3-percent or 434 points over its earlier 2 sessions, the largest 2-day fall in one year. The investors have been worrying about the impending ‘fiscal cliff’ and its blend of spending cuts and tax hikes if a budget agreement is not attained by the end of the year.
On Friday, Barack Obama, after his victory in the US elections said that he would fetch in labor, civic, and business leaders on budget discussions, but added any contract would have to lead to prosperous Americans paying more taxes. However, by not reiterating his campaign call to allow the top tax rate hike on households with high income, he kept the probability of increasing tax revenue open by eliminating or limiting deductions. Earlier in the day, the stocks of Blue-chip had profited almost 75 points.
Discretely, positive recordings on wholesale inventories and consumer opinion show that the US economy state could be better than what the investors had fretted. The opening consumer-sentiment index of University of Michigan/ Thomson-Reuters climbed more than anticipations, while September’s wholesale inventories grew from the previous month, at the quickest speed this year. The import prices also increased in October, surpassing the anticipations.
The markets of Europe ended a bit lower, with the Stoxx Europe 600 falling by 0.1-percent. The Greek Parliament is scheduled to meet on Sunday for voting on its budget, a day prior to the conference of finance ministers in the euro zone. Still, it is not evident if Greece can get another round of bailout assistance. The Athens General Index gained 0.9-percent and dropped less than 0.1-percent on the week.