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The week’s over! Phew.But first, the scoreboard:
S&P 500: +5.64
And now, the top stories:
- Well, this week was really dominated by two stories, which we’ll knock out quickly. First is obviously the Bin Laden kill on Sunday night. And then simultaneous to that was the silver crash, which snowballed into a full-blown commodity crash by the end fo the week. No need to relive all that here, except to point out that the two weak commodities — silver and oil — were both weak again today. Click here for the 5 reasons commodities are diving >
- Things were fairly quiet overnight in Asia. Japan traded for the first time in three days and got hit pretty hard. Oil plunged pretty hard in the extremely early hours of the day, but then bounced back somewhat.
- Europe was quiet for most of the day until the afternoon, when Der Spiegel dropped a total bombshell, saying that Greece had threatened to leave the euro and that the euro leaders were holding an emergency meeting tonight on the issue. The Greece threat may not have been true, but there definitely is a meeting tonight on Greece and Portugal. And so the euro got trashed pretty hard. For what it’s worth, it’s possible that Germany was the source of the rumours >
- In the US it was all about the domestic data. After several weeks of mediocre data, everyone was expecting a weak Non-Farm Payrolls report, but it turned out to be very strong. Stocks instantly went from flat to up big. Later on in the day we got a strong consumer credit number, helping to maintain the rally.
- In corporate news this morning, there was chatter about Apple dropping Intel chips for its laptops. Intel was a big underperformer on the day, losing 1.5%.
- Market-wise, there were two really big stories this week. The first, obviously, was the decline in “stuff” — hard assets. The second was the relative outperformance of equities, which have somehow remained immune from the stronger dollar, weak economic news, the euro threat, the China slowdown threat, and the commodity collapse, not to mention the realisation that QE2 is nearly over. One caveat: Some huge momentum names had a bad week: Chinese internet stocks like Sina and Yoku, MolyCorp, and others along those lines got roughed up. The hot RenRen IPO fell again today.
- Meanwhile, today was Erin Burnett’s last day at CNBC. Click here to relive her greatest moments >
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