Friday, March 27, 2009

Financial Crisis, 27 Mar 2009: Weekly Wrapup

The Dow Jones Industrial Average (DJIA) roared back over the past week. Monday saw the Dow rise to 7,775. The rest of the week challenged that level of support, which seems to be holding strong. Wednesday saw the Dow drop to around the 7,550 level in intraday trading, but by the close that day the Dow was back to 7,749.

Thursday saw the highest level of support, closing at 7924.56. Friday’s close reflected some profit-taking for a generally good week for Wall Street. For the week, the Dow was up nearly 500 points.

Weekly Closes
March 2009

06 March : 6,626.94
13 March : 7,223.98
20 March : 7,278.38
27 March : 7,776.18

The economic news was not uniformly good. United Nations Secretary-General Ban Ki-Moon warned that the global recession could lead to instability and social unrest around the world. Dominique Strauss-Kahn of the International Monetary Fund (IMF) made the prospect for the world even more dire, citing millions dropping into poverty and the spectre of war breaking out.

The contraction of the world’s markets will take months to shake out across the globe. Yet for this week the U.S. economy rebounded dramatically, producing one of the best single-month rises in many years.

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