One small step for man, one giant leap for Australian rock'n'roll, the 'Wild One' will come to life again
The Australian Stock Market suffered another losing week, with the S&P/ASX 200 giving up 139.5 points to close the week at 4840.4. The market has now ended in the red for nine consecutive weeks. The Dow Jones Index rose more than 200 points on Thursday night despite the fact that Merrills, Microsoft and Google all released forecasts that fell short of analyst's targets. Citigroup reported a smaller than expected second-quarter loss on Friday, helping the Dow Jones to rise nearly 50 points. Softer Commodity Prices helped push Rio and BHP lower as Oil and Gold both retreated from their highs.
The ASX 200 rallied to close higher into the end of the week, although unconvincing, as sellers once again emerged to stifle recovery through the 5000 level. Negative sentiment still plagues the market, especially through the financial sector.