The dollar continued to gain strength against other major currencies.
Commodity prices continued to fall with gold ending at $792 an ounce.
Inflation continued to rise. The inflation rate increase of 5.6% was the highest since January 1991.
The Nasdaq ended the week above it’s 200 day moving average for the first time since May a strong technical indicator.
Turmoil continued in the financial sector as Wachovia Morgan Stanley and JPMorgan agreed to buy back auction rate securities that investors have been unable to sell following the collapse. JPMorgan said it will write down $1.5 billion more in assets. Despite this the XLF an index of finance related companies continued to remain above it’s recent lows.