Afternoon Market Update Dec 28

Wall St. held its breath today for a resolution to the fiscal cliff crisis, as Congressional leaders met face to face together with President Obama at the White House this afternoon. After trading stable but lower through the afternoon, stocks dropped sharply just before the close on the lack of news from Washington. This marks the fifth straight day stocks have closed at a loss.

The dollar, which had climbed in overnight trading on safe haven movement, dropped to just above Thursday’s close in morning trading and stayed essentially unchanged.

Gold and silver futures saw a small drop in late morning trading, then tread water for the rest of the day. February gold futures closed down $4.20 for the week at $1,655.90, and March silver futures close down 22.8 cents for the week at $29.975. Spot gold at the COMEX close was $1657.30, and spot silver closed at $30.13.

 

by David Peterson

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