Weekend markets: Stocks fade at end of best week since 2009

Stocks on Wall Street faded at the end their strongest week in more than two years.

After a mid-week surge of 490 points, or 4.2%, the Dow Jones Industrial Average finished down 0.61 point on Friday at 12,019.42.

Over the week, it rose 7.01% after six of the world's major central banks banded together to help alleviate some strains in Europe’s funding markets.

It was the Dow’s best week since July 2009, when the market was at the beginning of a two-year rebound from the financial crisis. The 787.64-point gain for the week was the biggest since late October 2008.

The S&P 500 index was down less than a point at 1244.28, while the Nasdaq Composite was also marginally down at 2626.93.

Stocks began the day higher, amid reports of more progress in Europe and data showing 120,000 new jobs in the US last month, with the unemployment rate sliding to 8.6%, its lowest since March 2009.

But the gains subsided on reports suggesting that Republicans in Congress could attempt to block the International Monetary Fund from taking part in future European bailouts.

Other markets: Best week in years
European and most Asian markets rose, finishing off their best week in several years.

The Stoxx Europe 600 index added 0.9%, to 240.73, its fourth gain of the week. It jumped 8.7% over five sessions, its best weekly showing in three years. Banks and car stocks led the gains.

The French CAC-40 rose 1.1%, to 3164.95, while the German DAX 30 rose 0.7%, to 6080.68. Both markets soared 11% during the week, their best in three years.

The UK's FTSE 100 index advanced 1.1%, to 5552.29, and rose 7.5% on the week, its best showing in nearly three years.

Japan's Nikkei Stock Average rose 0.5% to 8643.75, bringing the gains over the past five sessions to 5.9%, its strongest week in two years.

Australia's S&P/ASX 200 index rallied 1.4% to 4288.0, part of a 7.6% surge for the week, a three-year best. Korea's Kospi, while fractionally lower on Friday at 1916.04, surged 7.9% over the week, its best in more than three years.

Hong Kong's Hang Seng Index rebounded late in the session to end 0.2% higher 19,040.39, but the Shanghai Composite, which closes trade an hour earlier, ended with a 1.1% loss 2360.66.

Commodities: Oil, gold rise
Oil prices ended slightly higher after the US unemployment rate fell below 9%.

Light, sweet crude for January delivery settled up 76USc, or 0.8%, at $US100.96 a barrel in New York. It was the front-month contract's highest settlement since November 16.

Brent crude on the ICE futures exchange climbed 95USc, or 0.9%, to $US109.94 a barrel, its first gain in three sessions.

Gold prices vaulted to a two-week high of $US1767.10 an ounce but reversed course on profit-taking.

The most actively traded contract, for February delivery, settled $US11.50, or 0.7%, higher at $US1751.30 an ounce in New York.

December-delivery gold rose $US11.70, or 0.7%, to settle at $US1747. It was the front-month contract's highest settlement price since November 16. For the week, the contract gained 3.6%.

Currencies: Euro rises, then drops
The euro rose on early reports that the European Central Bank could lend as much as $US270 billion to the IMF but fell again as doubts set in about whether even that was enough to stem the debt crisis.

The euro was at $US1.3401 from $US1.3462 late on Thursday. The US dollar traded at ¥78.02 from ¥77.70.

The UK pound was at $1.5601 from $1.5690, while the dollar bought 0.9210 Swiss franc from 0.9157 franc.