DJ30 PointChange: -136.99 Level: 12849.52 NASDAQ PointChange: -44.22 Level: 3011.33 SP500 PointChange: -17.30 Level: 1370.27 NASDAQ-Adv:550 Dec: 1930 NYSE-Adv:720 Dec: 2316

BRIEFING.COM] The S&P 500 closed down 2.0% for the week and saw its biggest weekly decline in 2012 as European sovereign debt fears and disappointing U.S. data weighed. Worries over the health of Spain came to a head on Friday after it was reported net borrowing by Spanish banks from the European Central Bank surged to EUR228 billion in March from EUR152 billion in February. That news sent Spanish CDS up to a record high near 500 basis points, and caused its 10-yr yield to climb back above 6.00%. Economic data here in the U.S. also disappointed as claims data and Michigan Sentiment fell short of estimates. This week’s losses came despite a two-day rally in the middle of the week that saw equities climb more than 2.0% on the possibility of more quantitative easing following a speech from Fed Vice Chairman Janet Yellen who suggested the Fed could hold rates low through 2015 if necessary. Earnings season got started on the right foot as Alcoa, Google, JP Morgan Chase, and Wells Fargo all reported better than expected results.
Source: Briefing