Tech Stocks Rise, Gold Hits Record High

Weekly Wrap Up

The major indices continued their upward trend from the week before, closing the week on a positive note for the second week in a row. The Dow Jones Industrial Average gained nearly 240 points, and the NYSE rose 173. Most of the gains came from Tuesday’s trading session, with the indices only posting minor changes in either direction during the rest of the week. Economic news kept investors on their toes. As factory activity and CPI both slipped and jobless claims increased, many investors invested in gold, sending it to a record high at the end of the week. The euro performed well this week, as concerns lessened about the European debt issues. U.S. crude oil jumped from $73.44 a barrel to to $77.18 a barrel. Apple (AAPL: Charts, News, Offers) captured the headlines this week, as preorders of their new iPhone were coming in faster than they could be handled. Other tech stocks including Best Buy (BBY: Charts, News,Offers), Hewlett-Packard (HPQ: Charts, News, Offers), Dell (DELL: Charts, News, Offers) and Research in Motion (RIMM: Charts, News, Offers) performed strongly this week, although Nokia (NOK: Charts, News,Offers) slipped on a disappointing outlook and failure to release new products. In the financial sector, Citigroup (C: Charts, News, Offers) announced plans to raise money for private equity and hedge funds, while AIG (AIG: Charts, News, Offers) will soon become the last TARP recipient which still needs to pay off its bailout funding. Finally, investors remained concerned with BP’s (BP: Charts, News, Offers) actions dealing with the oil spill, but seemed pleased with the government’s decision that BP must provide $20 billion in relief funds.More Market News

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