Stock Market Update -May 10th

The market was up again this week, though the NASDAQ and the Semis (SMH) showed some signs of weakness on Thursday (Cisco sold off as well after reporting earnings). The Financials also sold off on Thursday as we got the results of the stress tests (the banks need more money!) The monthly unemployment figure came in at 8.9% on Friday.

New Unemployment claims for the week came in over 600,000 again, and another bank was shut down by regulators (list).

Commodities: Oil prices continued to rise, closing around $58 per barrel. Gold prices also rose to $914, as the US Dollar continues to fall. Bond prices also continued to fall.



Next week earnings reports begin winding down. The market looks like it's starting to lose its strength here and could start to pull back, starting with the NASDAQ.

Jobless rate jumps to 8.9% even as job losses throttle back
Stress test shows bank credit losses could be $600 billion
Bank of America Needs $33.9 Billion, U.S. Says
G.M. Posts a Quarterly Loss of $6 Billion
General Motors: Officially Wiping Out Common Shareholders
Kass: Party's Over for Financials
Yet more evidence we're in a bear-market rally
If China loses faith the dollar will collapse