MasterCard surged from the $240 level to almost $300 and Google traded past the $600 level for the first time since January. The China market (FXI) also continues to recover. Exxon fell after reporting over $10b in earnings! Sun (JAVA) was a big loser this week.
We did see a steady drop in Oil prices as I predicted last week (until it rallied again on Friday!) In general, Commodity prices dropped as the US Dollar continued its recent rally. Gold pulled back to the mid $800 level that I predicted earlier -many of the mining stocks have now pulled back to attractive levels. Brazil (EWZ) continued on its winning streak after an upgrade from Standard & Poor's.
Meanwhile Citi had to raise another $4.5 billion in capital this week, Bank of America said it may not guarantee $38 billion in Countrywide Financial debt, while S&P finally cut Countrywide's credit rating to Junk -the saga continues.
Next week we don't have much in the way of economic reports. Some of the big names reporting earnings include AIG, CSCO, DIS, and FNM.
News stories:
Countrywide Rating Cut to 'Junk' By Standard & Poor's
Homebuilders: No recovery until 2009
Housing prices post record declines
Home Vacancies Rise to Record 18.6 Million
Foreclosures spike 112% - no end in sight (Video)
Buffett Says Worst of Crisis Over for Wall Street, Individuals May Suffer
JPMorgan says no near end to financial crisis
Home Depot to close 15 underperforming US stores
Brazil's Bovespa Extends Record, Led by Retailers, After S&P Upgrade
Why we're stuck with insane prices
Forget gas: Get ready for $4 a gallon milk
Wall Street: Sell what in May and go away?
Other stories:
Crackdown on unfair credit card practices
US deep in debt and still digging
China to build 97 airports in 12 years
Stocks and Indexes mentioned in this blog are for educational and illustration purposes only.
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