MARKET ROUNDUP (Source Bloomberg)
U.S. Stocks Have Worst Week Since June After Obama Win; as President Barack Obama’s re-election set up a budget showdown with the Republican-controlled House of Representatives. The S&P 500 (SPX) dropped 2.4 percent to 1,379.85 for the week. The Dow Jones Industrial Average slipped 277.77 points, or 2.1 percent, to 12,815.39. While both gauges capped their worst week since June 1, they’re still up 9.7 percent and 4.9 percent, respectively, for the year. The Dow dropped 3.3 percent over two days after the election as concern intensified that a split Congress will delay a resolution over the so-called fiscal cliff. The performance was the second-worst post-Election Day selloff on record, following the 9.7 percent plunge in the two days after Obama won his first term in 2008 at the height of the credit crisis, according to data compiled by Bloomberg. Stocks rebounded on the last day of the week as confidence among U.S. consumers climbed to a five-year high in November.
European Stocks Post Weekly Drop on U.S. Fiscal Cliff; on investor concern that the U.S. will slip back into recession if lawmakers fail to reach a budget compromise and as the European Commission said the euro-area economy will stagnate in 2013. France’s CAC 40 Index dropped 2 percent and the U.K.’s FTSE 100 Index lost 1.7 percent, while Germany’s DAX Index slid 2.7 percent.
Oil Rises as Consumer Sentiment Gains; as data showing U.S. consumer confidence climbed to a five-year high, helping ease concern that a political stalemate in Washington will lead to a fiscal crisis. Crude oil for December delivery increased 98 cents to settle at $86.07 a barrel on the New York Mercantile Exchange. Prices, which climbed 1.4 percent this week, are down 13 percent this year.
Source:Jupiter Securities Research, 12 November 2012
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