US stocks dropped over the week on negative economic news and concern over the passage of another fiscal stimulus bill. The S&P 500 edged down 0.3% and the Dow fell 0.8% for the week. Abroad, the FTSE All World Ex US was up 0.5% for the week. Gold surged to a new record high of $1,897. The yield on the 10-year Treasury fell for the third straight week to end the week at 0.59%.
EU leaders reached an agreement on a $859 billion stimulus measure and the country bloc will issue its first ever common debt. The agreement now must be approved by the governments of each member country.
Sales of previously owned homes rose 20.7% in June, the biggest monthly gain on record, but remains 11.3% below from a year earlier.
Initial unemployment claims rose to 1.4 million over the past week for the first increase in claims in months.