New Unemployment claims for the week came in over 600,000 again. The monthly payroll report on Thursday was a big disappointment, pushing the unemployment rate up to 9.5%. This week seven more banks were shut down by regulators (list).
Commodities: Oil prices saw a sharp drop down to around $66 per barrel. Gold closed the week at $931, while the US Dollar is still bouncing up and down in a trading range. We could see oil, gold, and other commodities take a tumble from here. Bond prices were up, as stocks fell.
Next week kicks off the quarterly earnings season again, with Alcoa and Chevron among those scheduled to report.
Market analysis: The second quarter is now over, with the Technology sector and the NASDAQ leading the gains for the year (see chart below). The market looks like it has started to reverse course and head down, but with a flood of earnings reports coming in the next few weeks, anything could happen. We could see some initial support around 880 on the S&P 500.
Stocks: A Midyear Assessment
Are We Heading For A Correction Or Another Meltdown
Why the Nasdaq Outperformed the Blue Chips
Wall Street's giving tips again
Job Losses Dampen Hopes for Recovery
Home prices post 18.1 percent annual drop in April
New Evidence on the Foreclosure Crisis
Another wave of foreclosures is poised to strike
Cash-poor California turns to IOUs
The Rising Mountain of Debt May Be the Next Crisis
The Greatest Currency Trade of the Millennium
India Joins Russia, China in Questioning U.S. Dollar Dominance
China's banks are an accident waiting to happen to every one of us
Great Depression vs. 'Great Recession'
Depressions Take Time
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