Wall Street Recap: Friday, June 8th
By Robert Broens: The equity markets continued their upward momentum into the weekend. The S&P 500 closed Friday 0.81% higher at 1,325.66 points. The Dow Jones Industrial Average managed to gain 0.75%, while the Nasdaq gained 0.97%.
The markets in Europe ended on a mixed note. The Spanish IBEX 35 index rallied another 1.8% on Friday in anticipation of a resolution to be reached this weekend on Spain's troubled banks. The gains came despite the fact that rating agency Fitch lowered its rating for the country by three notches to BBB. The rating is just two notches above junk level, as Fitch expects the country to remain in a recession in 2013.The German DAX index fell 0.2%, as exports in April fell 1.7% compared to the month before, coming in much worse than the anticipated drop of 0.7%. The EuroStoxx 50 managed to squeeze out a minimal gain of 0.04% aheadComplete Story »