Stock Market Update -Feb 8th

The market was up nicely this week, especially the financials, in spite of the bad jobs data we got on Thursday and Friday (unemployment rate now at 7.6%). This time new unemployment claims for the week soared past 600,000 to 626,000! Oil prices are still range-bound in the $40 area, while Gold prices continue to rise. Three more banks were shut down by regulators this week.


Next week earnings reports will continue, and we await further action on the stimulus plan, and an announcement from the treasury secretary Timothy Geither on Monday, regarding the banking system. The market seems to be gaining some strength here

Big rally on Wall Street
Obama Urges Quick Action to Avoid Economic Tailspin
Economy sheds half million more jobs
Macy's cutting 7,000 jobs — 600 in Miami office
U.S. auto sales hit 27-year low
U.S. Mortgage Time Bomb Needs Defusing Yesterday
Is America Going The Way Of Japan?
Too late to avoid a depression?
Move over, subprime
A recession of biblical proportions

What uncontrolled printing of money can lead to:
Nothing to lose: how Mugabe’s banker turned Z$1,000,000,000,000 into Z$1