Markets closed down on Wall Street today: Dow -0.57%, S&P -0.43%, Nasdaq -0.33%, Oil -0.59%, Gold +1.69%.
On the commodities front, Oil (NYSE:USO) ticked down to $99.05 a barrel. Precious metals were mixed, with Gold (NYSE:GLD) rising to $1,567 an ounce while Silver (NYSE:SLV) climbed 2% to settle at $27.87.
Hot Feature: The Dogs of the Dow Retrieve Returns for Owners.
Today’s markets were down because:
1) Friday. It’s the last day of trading in 2011, news is scarce, and people are ready to say goodbye to a year rife with economic and political turmoil. Stocks had a lackluster year, and are ending in that same vein after a relatively quiet day of trading. Though low volume, typical of the holiday week, has led to more pronounced swings this week, it seems most investors have already taken off for the weekend.
2) Financial. Throughout the year, financial stocks have continued to be some of the biggest movers, and are largely responsible for huge fluctuations on the S&P 500, of which they account for 14 percent. This week the S&P 500 clawed its way back in the green for 2011, but owing no thanks to Bank of America (NYSE:BAC), Goldman Sachs (NYSE:GS), Citigroup (NYSE:C), or Morgan Stanley (NYSE:MS) all of which declined more than 40 percent this year.
3) Treasuries. While stocks may have had a lackluster year, Treasuries (NYSE:TLT) managed to log the biggest gains since 2008. Though recent reports have signaled that the U.S. economy is recovering, Treasuries are poised to beat equities, commodities, and the dollar for the year as Europe’s sovereign debt crisis continues to drive demand for safe-haven investments.
BONUS: How Did Gold and Silver Perform in 2011?