Market wrap: Stocks are set for a flat start to the trading week after the Dow's long winning streak petered out on Friday.
Wall Street finished mixed and little changed on the day and with modest gains for the week. The Dow's best run of daily advances since 2007 ended with a loss of 39 points or 0.38%. The S&P 500 retreated 0.2% and the Nasdaq squeezed out a gain of 0.05%. European markets advanced 0.8 - 1.2% to reverse two days of weakness.
Financials, materials and IT were the strongest of the S&P 500's sectors, while health care stocks were weakest. Stocks slid after a survey of consumer confidence fell to a four-month low but spending increased for a third month, continuing the recent run of conflicting messages about US consumer strength. Three more banks were closed by US regulators on Friday, raising the toll to 84 this year.
A 0.2% increase in American consumer spending helped oil creep higher in choppy trade. Crude futures gained 0.34% to finish at $72.86. Gold futures added 1.21% to end at $955.60, their highest close for the week.
Copper and lead hit new 2009 highs as base metal prices advanced. Copper put on 2.73% in US trade, despite rising stockpiles, and lead rose more than 5% to a one-year high.
Local futures traders hedged their bets after that mixed bag of news. The SPI futures index closed nearly flat at +2 or 4485 on Friday.
TRADING THEMES THIS WEEK
RETAIL: Gerry Harvey's declaration on Friday that the local economy "is growing stronger and stronger each day" set retail stocks running. Harvey Norman shares jagged 17% higher and dragged DJS with it. There should be some follow-through this week.
LOW VOLUME: This is traditionally once of the quietest weeks of the year in the US as traders abandon their desks for the last week of the northern summer. There's a fair chance that last week's theme of choppy but directionless trade will continue until Friday's anticipated US jobs report.
COMPANY REPORTS: Just a few stragglers left this week. Due to report today: ANZ, ELD, FEA, PDN, PPX, QML, ROC. (Sources: Egoli, BRR, The Bull)
