Market Recap: August 2012

After six straight weeks of gains, equities took a bit of a breather at month’s end. The S&P spent the last half of the month bumping its head up against its year-to-date high of 1419 but never quite managed to close above it, while both the Dow and the Nasdaq ended the month a little over 1% away from their 2012 highs. It was the third consecutive month of gains for all three indices. Meanwhile, the Global Dow was aided by the previous month’s promises to protect the euro at all costs.

Oil prices shot up almost 10% to roughly $96 a barrel, fueled by hopes for additional easing by the Federal Reserve, reassuring words out of the eurozone, and concerns about Middle East supplies. Along with problems at several refineries, that helped spike gas prices in advance of the Labor Day weekend. Gold prices rose almost 5% to $1,685 an ounce, helped by a slightly weaker dollar.

Equities data reflect price changes, not total return.