On Friday stocks declined to a 2.7% fall. Weak fiscal and economic conditions in Europe were supposed to be the reason behind the fall.

Anxiety amid Europe’s main bourses affected on sentiment even ahead of US markets opening bell on Friday. After the starting bell, stocks plunged, prolonging the previous session’s bearish trend.

From the beginning, selling interest was wide based. Pressure increased in reaction to news that tallied Germany is intending to back up few banks if Greece defaults on its borrowings. The news was spread before trading session in Europe ended; it guided Germany’s DAX to fall to a 4% loss. The euro also sold off in reaction to the news. It tanked to a 1.6% loss, as of the closing of the session.

Weakness in the euro resulted in hefty demand for the US unit, and the Dollar Index moved up 1.2% to a five-month high more than its 200-day average.

Friday session’s fall compelled the S&P 500 to mark its fifth drop in previous six trading sessions. It also made the stock market to end the holiday-trimmed week 1.7% down than where it started providing stocks their sixth weekly drop in seven weeks. The weakness has made the S&P 500 nearly 16% less than its 2011 high, but over 4% above its 2011 drop.

Friday’s performance made for a disappointing follow-up to the 1% drop recorded in the previous session. On Thursday, stocks were under stressed in reaction to a shortage of leadership, further weekly initial jobless claims reported over 400,000, and the failure of European Central Bank President Trichet to provide any sort of proposals aimed to accelerate development in the area, regardless of a descending revision to his GDP forecast for the zone.

On Wednesday stocks marked their only advances of the week, when market contributors highly praised news that a German court annulled a case designed to stop the country from contributing in bailouts for the European Union.

On Monday Labor Day kept US markets closed, but sooner than a relaxed return to the markets on Tuesday, traders were worried sell. Raging sentiment in Europe supported the action. A higher-than-anticipated August ISM Service Index of 53.3 mattered not much to market players.

The Dow Jones Industrial Average slipped -2.69% or -303.68 points to 10,992.13 however it showed a negative weekly performance of -292.41 points or -2.59%.

The S&P 500 Index gave up -2.67% or -31.67 points to 1,154.23 however it showed a negative weekly performance of -22.57 points or -1.92%.

The NASDAQ Composite Index shed -2.42% or -61.15 points to 2,467.99 however it exhibited a negative weekly performance of -11.86 points or -0.48%.

Among the Highly Traded Stocks, SPY, BAC, GE and XLF recorded to be on top, SPDR S&P 500 ETF (NYSE:SPY) traded overall volume of 380.19 million shares beating the average volume of 366.45 million shares.

VelocityShares Daily 2x VIX Short Term ETN (NYSE:TVIX) emerged as the Positive Momentum Stock with soared percentage change of +18.92% and closed the day at $67.83. It had traded below its 52 week high range which was $112.35. Other stocks that remained bullish are SPEX, ANX and ULTA.

Korn/Ferry International (NYSE:KFY) appeared as the Negative Momentum Stock with slipped percentage change of -15.54% and closed the day at $12.66 however it had traded the volume of 1.93 million shares more than its average volume of 0.59 million shares. Other stocks that remained bearish are AATI, VRSN and YRCW.

In the basic material sector companies among the vital traders were Freeport-McMoRan Copper & Gold Inc NYSE:FCX and Alcoa Inc NYSE:AA as their shares were traded in bulk volumes. Moreover, the stock price of FCX decreased 5.15% and AA reduced 3.74%. After week ended with significant losses, the basic material sector settled on a declining track as it decreased -2.69%.

Moreover to the conglomerates in the materials sector, the firm that is effectively managing its business is Majestic Gold Corp CVE:MJGCF.PK. As a result of Friday business, Company’s share price remained unchanged and ended at $0.215.

Based in Vancouver, Majestic Gold Corporation is a TSX Venture Exchange and Frankfurt Exchange listed gold exploration and development company with a very advanced gold deposit in Shandong province of China.

Gold is among very important precious metals and it also ensures the reliability of many domestic and industrial products ranging from electronics equipments to aircraft engines. Even before the civilization period, gold was significantly used in jewellery, however its great virtues and exceptional properties have made possible a wide range of uses in many industrial areas such as medicine, electronics, space exploration, etc.

The copper, gold and molybdenum mining company Freeport-McMoRan Copper & Gold Inc NYSE:FCX had trade of about 25.66 million shares on Friday and its market capitalization was $39.80 billion. Company’s share price reduced 5.15% and closed at $41.99.

At New York Mercantile, Gold prices added +2.00 points or +0.11% and the last trade recorded was at $1,859.50 an ounce.

Crude Oil prices at New York decreased -1.81 points or -2.03% and closed at $87.24 a barrel while its previous day trading range was $85.42 - $88.99.

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