STOCKS SLUMP: Here's what you need to know

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An early rally evaporated in late trading in Australia today, sending the market to a flat close for the day and a total loss of about 3% for the week.

Here’s the scoreboard:

  • S&P ASX 200: 5,634.60 -11.10 (-0.20%)
  • All Ordinaries: 5,635.40 -9.40 (-0.17%)
  • AUD/USD: 0.7904 -0.0002 (-0.03%)

In the US, the S&P 500 index closed up 0.4%.

On the local market, six out of ten sectors were higher, closing the biggest losing trading week since June 2013. The ASX 200 has lost 5% in just two weeks.

The Commonwealth Bank, which sparked a general fall in bank stocks this week when it posted a flat half year result, shed 0.57% to $82.64, bringing its losses for the week to 7%. The ANZ, trading ex-dividend, closed down 2% to $32.35. Westpac gained 0.44% to $34.05. NAB was in a trading halt.

Energy stocks were the big losers. Woodside was down 3.59% to $33.80, Origin Energy 3.34% to $12.43, Caltex 2.68% to $33.09 and Santos 4.87% to $8.59.

The top stories for Friday:

1. Better banking. Macquarie Group posted a 27% rise in full year net profit to $1.604 million, well ahead of market expectations of about $1.45 billion, and its second best result on record. It closed up 3.5% to $79.18.

2. Slower recovery. RBA downgrades growth and inflation expectations out to June 2017. And more rate cuts?

3. Jobs and inflation. Here’s the chart which pushed the RBA to cut interest rates in May.

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