It was a rough week for stocks. On Wednesday, the markets crashed after Mario Draghi said the situation in Europe was even worse than expected, and the fall continued on Thursday, sealing a down week for the market. When it was all over, the Dow Jones Industrial Average (DJINDICES:^DJI) fell 2.1% and the S&P 500 (SNPINDEX:^GSPC) lost 2.4% this week.
Interestingly enough, there was only one stock on the Dow that gained ground this week. Boeing (NYSE:BA) jumped 5.2% on a number of positive news items. On Monday, the stock rose because the company signed a $1.4 billion deal to supply 15 CH-47F Chinook helicopters to the Indian military. On Wednesday, the company said it will restructure its Defense, Space, and Security division in an effort to save $1.6 billion over the next two years. Finally, on Friday, Boeing confirmed an order of 20 737 Max aircraft from ALAFCO and said it had reached 1,000 orders for the year. All in all, it was a great week for Boeing.
Of the other 29 Dow stocks, 3M (NYSE:MMM) and Wal-Mart (NYSE:WMT) were the two closest to gains, losing just 0.2% and 0.6%, respectively. There wasn't anything earth-shattering out of either company, but with investors running to safety this week, these two stocks did better than most.
Since we're now through third-quarter earnings season and the election, investors will be turning most of their attention to the pending "fiscal cliff" and negotiations between the president and Congress. Buckle up for a wild ride, because stocks, bonds, and commodities will probably swing up and down for the next two months depending on the mood in Washington.