US stocks rose for the sixth consecutive week, while crude oil plummeted, and gold and silver shone | Overseas major asset weekly report
This week, spot gold hit a historical high twice, with a total weekly increase of about 2.4%. Silver also rose by about 7% to nearly a twelve-year high for the week. As the United States pushes for a ceasefire in Gaza, the crude oil market performed poorly this week. The US dollar fell from an 11-week high
During the week of October 14th to October 18th, the three major U.S. stock indexes all rose for the sixth consecutive week, with the S&P and Dow also setting a record for the longest weekly gain this year.
Specifically, the Dow rose by 0.96% this week, the S&P 500 rose by 0.85%, and the Nasdaq rose by 0.80%. In addition, the Russell 2000 index performed even better, rising by 1.94% this week.
In terms of commodities, the uncertainty of the U.S. election and expectations of more loose monetary policies have helped push spot gold to hit new historical highs for two consecutive days on Thursday and Friday, with a total weekly increase of about 2.4%. Silver prices surged by 6% on Friday, breaking above $33 for the first time since December 2012, with a total weekly increase of about 7% to nearly a twelve-year high.
The oil market performed poorly this week. As the U.S. pushed for a ceasefire in Gaza, U.S. oil fell by over 8% for the week, ending a two-week rally, while Brent crude fell by nearly 7%, marking the largest weekly decline since September 2nd.
The U.S. dollar retreated from an 11-week high, but rose by about 0.6% for the week and saw a three-week gain. The euro and yen rebounded, moving away from an 11-week low but ending the week with a decline, while the offshore renminbi hovered near a one-month low this week.
Both the 10-year and 2-year U.S. Treasury yields saw slight declines for the week.
The real estate sector led the U.S. stock market this week, with banks and financial sectors following closely behind