The Australian equities are pointed to a flat open for the start of the week after US stocks drifted in and out of positive territory throughout the overnight trading session.
The Dow (see above chart) closed up 22.6 points at 12231.11, while the S&P500 index inched up 0.5 points to finish the week at 1285.09. Friday's small gains came a day after the Dow surged more than 300 points as investors praised a European plan to combat Greece's debt issues, expand a bailout facility and recapitalize the region's biggest banks.
On the open of the US markets economic data released showed that personal income grew just 0.1 per cent in September but consumers increased spending by 0.6 per cent while the US gross domestic product rose by 2.5 per cent in the third quarter, the fastest rate of increase since the third quarter of 2010.
The AUDUSD finished the week sharply higher at 1.0708 as risk sentiment was boosted by new European measures designed to curb the effects of the region's debt crisis
The volatility index continued to trade off overnight closing on its lows of 24.53, this is the lowest level it has traded since the start of August.
The US Federal Reserve, European Central Bank, and Reserve Bank of Australia all have interest rate announcements scheduled over the next three days.
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