All 3 Majors Down for The Day; Dow Down for The Year
The Dow Jones Industrial Average (DJIA) finished down by 0.6% on the year. The NASDAQ finished up by 1.4% for 2005, and the S&P 500 ended up by 3% for 2005.
The annual numbers aren't so bad when put into perspective: it could have been much worse. Many companies restated earnings this year, thanks to The Sarbanes-Oxley Act, the South was battered by some of the most powerful hurricanes on record and The Fed raised interest rates every time the FOMC met in 2005. A lackluster December was negatively punctuated by 3 days in which U.S. Treasury Bonds experienced an inverted yield curve. Considering all the economic drama that occurred in 2005, the U.S. economy has proven quite resilient.
General Motors, the Dow Industrial with the worst stock performance of 2005, gained $0.41 to close @ $19.42 per share today.
Though stock in Google performed very well in 2005, shares dropped by $5.29 to close @ $414.86 per share today. Google has recently lost favor with some investors as the company is in a legal fight over the VOIP technology in its Google Talk product.
Commodities did well in 2005. Copper, oil and especially gold performed well this year; New York Spot Gold finished the year @ $516.60 per ounce and crude oil is up by 40% for 2005. Oil finished up today on continued concern about U.S. gasoline inventories.
New York markets and exchanges will be closed on Monday, January 2, 2006 in observance of the New Year's Day holiday.
DJIA: Closed Down @ 10,717.50 (-67.32)
NASDAQ: Closed Down @ 2,205.32 (-12.84)
S&P 500: Closed Down @ 1,248.29 (-6.13)
NYMEX Crude Oil Future closed @ $61.04/barrel
New York Spot Gold closed @ $516.60/ounce
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