NEW YORK (TheStreet) -- A financial landmine in Dubai failed to derail an up week in the stock market, though it managed to erase nearly all of the gains. SPDR S&P 500(SPY) advanced 0.1% on the week.
Dubai may be the clearest example of the global financial bubble of the past decade. The city built artificial islands in the sea, in addition to beginning construction on the world's tallest building. Plans were in the works for even grander developments, but the financial crisis put an end to most of them and halted construction of the record breaking skyscraper.
Dubai still has debtors' prison, so when the crisis hit last year, many foreigners underwater on their mortgages flew the coop and abandoned their luxury cars at the airport. ...
Recent Comments
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,624.69 | 1,149.99 | 2,367.66 | 37.10 |
Oil *
79.46
|
|
UP
12.85
|
DOWN
0.25
|
DOWN
0.80
|
DOWN
0.10
|
10 Yr
3.71%
SPDR Gold
107.95
|
|
+0.12%
|
-0.02%
|
-0.03%
|
-0.27%
|
Data delayed 20 minutes |
Connect with TheStreet