Asian Markets are set to start the week with a flat start after European leaders struggled to solve the region’s debt crisis and the Federal Reserve refrained from additional stimulus.
The Dow Jones Industrial Average finished 2.42 points lower, or 0.02%, at 11,866.40 with Energy stocks helped keeping the market afloat while health care and utilities were among the weakest performers. The S&P500 rose 3.91 points, or 0.32%, to 1219.66, while the Nasdaq gained 14.32 points or 0.56%.
Equities rose the last two days of the week as data on jobless claims and manufacturing offset concern Europe’s crisis is escalating. Energy producers dropped 4.9% in the week, the most among 10 sectors in the S&P 500.
The euro fell against the dollar by the most in more than three months and touched an 11-month low as concern increased that the region’s leaders won’t be able to contain the sovereign-debt crisis. The euro dropped 2.5% to $1.3046 and touched $1.2946 Dec. 14, the lowest level since January. Its drop was the biggest since the five-day period ended Sept. 9
WTI Oil fell, capping the biggest weekly decline since September, on concern that European economic growth will slow, curbing fuel demand. Oil for January delivery fell 34 cents, or 0.4%, to $93.53 a barrel on the New York Mercantile Exchange, the lowest settlement since Nov. 2.
Gold rallied on Friday after a sharp pullback in the four previous sessions, gaining support from a weaker dollar and short-cover buying, but the metal remained on track for its biggest weekly decline in almost three months.
INDICES
Last Traded
SPI 200 future 4096
S&P500 Index 1219.66
Dow Jones 11866.40
FTSE 100 Index 5387.34
COMMODITIES
Last Traded
Gold 1597.90
Oil (Nymex) 93.53
CURRENCIES
Last Traded
AUDUSD 0.9967
EURUSD 1.3036
GBPUSD 1.5518
USDJPY 77.77
Source
Bloomberg, Dow Jones News