Markets: After a volatile week, U.S. stocks closed essentially flat as worries about the rate of Chinese growth and the stability of European economies gapped up and later ebbed.
In addition to concerns over the Chinese and European economies, analysts said the market was uneasy over the long-term effects of the Federal Reserve's $600 billion program of bond buying, known as the second round of "quantitative easing," or QE2. "The market is schizophrenic on a couple of issues; the first is QE2," said Fred Fraenkel, vice chairman of Beacon Trust Co. "Market participants who are focused on the short term like QE2 as a defensive prop against a double dip in the economy," while others worry that it could stoke inflation down the road, he said.
For the week, the Dow Jones industrial average added 10.97, or 0.01%, to 11,203.55. The S&P 500 ticked up 0.52, or 0.04%, to 1,199.73. The Nasdaq Composite slipped 0.09, or 0.004%, to 2,518.21.
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|Title Annotation:||WALL ST./FINANCE|
|Date:||Nov 22, 2010|
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