Once again, the number for new unemployment claims was below 600,000, this time at 554,000; also, seven more banks were shut down by regulators this week (list).
Commodities: Oil prices rallied further to just over $68 per barrel. Gold closed the week around $953, while the US Dollar was down again for the week. Bond prices were also down for the week as stocks rallied. Sugar prices continue to rise.
Next week earnings continue to roll in, XOM and CVX included. This will give us a clue as to where the energy sector is headed. The US will be borrowing a massive amount again next week by issuing Bonds and Notes (over $200 billion). We could see bonds rise in value, and stocks dip as a result. The GDP report is also due on Friday and could be a market mover.
Market analysis: We are clearly in a strong 'up' trend (2 weeks non-stop), and could see a short pullback before resuming a run to 1000 on the S&P 500.
U.S. Stocks Rally, Dow Tops 9,000 for First Time Since January
Mid-Cycle Meltdown: Jobless Claims Report
The Economy Has Hit Bottom
State budgets walloped again
Get ready for banking's next headache
Regional banks on the brink
Can Citi Ever Turn It Around?
No Exit for Ben
Some Weekend Thoughts By John Mauldin
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