In a sign of hopeful progress, European economic and political big shots will meet today for the first time in 2012 to speed up the implementation of a “European Stability Mechanism.” Many view this as a step in the right direction for the European debt crisis, but we’ll see. The hope is that Greece will restructure its debt in order to regain some sort of stability. Domestically, investors will closely watch this week’s economic releases after last week’s GDP came in lower than expected. Friday’s unemployment rate and payroll reports will influence the market the most.
What’s Up on Wall Street?
The markets closed on Friday with mixed results (for a change), and the five-day changes reflected the same. The Dow Jones Industrial Averaged dropped 74.17 points (0.58 percent), leading to a five-day change of –0.47 percent. However, the year-to-date percentage change is still healthily in the green at +3.63 percent. The Nasdaq Composite jumped 11.27 points (0.40 percent) and closed the week up 1.07 percent. What’s more impressive is the Nasdaq’s year-to-date change of +8.11 percent. The S&P 500 dropped a minimal 2.10 points on Friday to close the week off with a five-day change of +0.07 percent. The S&P’s year-to-date percentage is at a sturdy +4.67 percent as well.