HP was one of the few stocks rising this week on good earnings news. However we are still in an overall down trend from last October.
The latest in the housing debacle is that some banks are having a hard time foreclosing on properties because they can't find the paperwork! Mortgages have been re-sold and re-packaged so many times that the paperwork gets lost in the shuffle (see story below -Banks lose...).
The British government finally took over Northern Rock, the London bank that had a run last year when customers started pulling their money out (story below).
Oil made headlines again this week, closing over $100 per barrel for the first time but ending the week around $98. Gold gained almost $50 to close just above $940 per ounce. Food commodities also continued to rise.
Next week: we have a number of economic reports due that will probably influence the market direction one way or the other -still no clear short-term direction.
News Stories:
Banks Lose to Deadbeat Homeowners as Loans Sold in Bonds Vanish
Fannie, Freddie Expected to Post Big Losses
After subprime debacle, U.S. wrestles with question of bank bailouts
Wall St. Banks Confront a String of Write-Downs
Stocks Rally on Word of Ambac Bailout
GMAC Barrels Downhill
Dollar Falls to 3-Week Low Against Euro on Recession Concern
Leveraged Loans Loom Large
Qatar Buys Credit Suisse Shares, Prime Minister Says
U.K. government to nationalize Northern Rock
Earnings previews: Lowe's and Home Depot
Stocks and Indexes mentioned in this blog are for educational and illustration purposes only.
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