What happened this week

Last week was another weeks of highs and lows for investors, the first half brought a rally that pushed the S&P 500 up more than 5% in its largest two-day gain since 2020. Job growth came in below expectations in September and the unemployment rate declined despite efforts by the Federal Reserve to slow the economy. Nonfarm payrolls increased 263,000 for the month, compared with the Dow Jones estimate of 275,000 and economists are speculating that the Federal Reserve will continue to raise rates to fight inflation and a global economic crisis.

The OPEC+ alliance announced Wednesday that it will cut oil production by 2 million barrels a day, pushing gas prices higher as a result.

Credit Suisse has been in the news this week, announcing it will buy back $3 billion in debt and sell a landmark hotel to cover plunging share prices and concern over its debt exposure. Although rising credit risk among European banks may bring back memories of the 2008 global financial crisis, analysts have stressed that capital buffers are now significantly higher.

Coming up this week:

Mon Oct 10th: Columbus Day- Bond market closed

Wed Oct 12th: Producer price index

Thurs Oct 13th: Consumer price index

Fri Oct 15th: Retail Sales