Stock Market up in all Sectors this Friday
(Best Syndication News) - The stock market closed with upward momentum Friday, December 9, 2011. All twelve sectors showed an improvement, with most stocks gaining instead of losing value. The Dow Jones Industrial Average (DJIA) closed the week at 12,184.26 points, which is up 186.56 from the day before (+1.55%). The S&P 500 saw similar gains ending the day at 1,255.19, up 20.84 (+1.69%). The NASDAQ closed out the day at 2,646.85, a 50.47 point gain or 1.94 percent increase.
The US stock market may have shown recovery today after the announcements of the EU treaty negotiation to resolve the European debt crisis. The conglomerate of European nations met at a summit in Brussels this week to discuss a new treaty in an attempt to save the euro.
The UK did not favor the treaty changes and the proposal was vetoed by Prime Minister David Cameron. A report from The Telegraph newspaper said the PM wanted to insure that the City of London would be immune from EU financial regulations in the future. The majority of the EU countries are in favor of the new treaty. The EU debt crisis is still not yet resolved and may take more summits for the countries to come to an agreement.
Consumer confidence rose in November, according to a survey conducted by Discover Financial Services. Of those surveyed, 19 percent felt like the economy was getting better, which was a 4-point increase from the previous month of October. Fifty-five percent thought the economy was getting worse, which was 7 point lower than the previous month.
Another possible reason for an improvement in stock values is the unemployment benefit claims report for last week’s numbers showed a drop down to the lowest levels in nine months.
By: Dave Reddy