Stock Market Update -Aug 3rd

We basically closed the week near where we started. We got a boost from some of the financial companies, but GM's massive loss of $15 billion, along with another bad unemployment number helped to put a damper on things. Another bank was shut down as well. Oil held up this week, while Gold continues to slide, and the US Dollar continues it's recent up-trend.


Next week we have another Fed meeting on Tuesday. Fannie and Freddie also report earnings, along with AIG, Cisco, and others. Market direction is uncertain at this point, but at least we have stopped going down for now.

News stories:
Happy Birthday, Credit Crisis
NY to file fraud charges against Citigroup
Merrill to raise $8.5 bln selling new stock
Lehman in Talks to Sell Soured Debt to BlackRock
Four big banks to kick-start covered bond market
Hank Paulson's Fannie Gamble
Analysis: Is 22 cents on the dollar now the going rate for subprime assets?

U.S. Economy: Jobless Rate Rises to Four-Year High
California slashes pay of 200,000 state workers amid budget crisis
Debt Ceiling: Up $800bn to $10.615tn
Bennigan's, Steak & Ale file for bankruptcy
Starbucks (SBUX) Has First Quarterly Loss In Its History
UPDATE: GM Loses $15.5 Billion As Sales Plunge, Charges Mount
Exxon posts biggest quarterly profit ever
Stocks and Indexes mentioned in this blog are for educational and illustration purposes only.