New Unemployment claims were below 600,000 again, this time at 576,000, a bit higher than last week. Also, four more banks were shut down by regulators, including Texas based Guaranty Bank, the second biggest bank failure for 2009 (list).
Commodities: Oil prices rallied to a new high for the year at just under $74 per barrel as the US dollar slumped, while Natural gas hit a seven-year low of below $3.00. Gold closed the week around $953, the US Dollar index dropped to around 78, and Bond prices were up for the week, then fell on Friday as the stock market continued to rally.
Next week we get a few more economic reports as we wind down the slow summer trading session.
Market analysis: This week the S&P500 broke out above the early August trading range (the 1000 area) to close at 1026 (see chart above). This could signal more upside momentum, even though the market is now trading at fairly lofty levels. If this uptrend continues, we could see the S&P500 rally back up to the 1100 level (the market was trading at this level last September around the time of the collapse of Lehman, AIG, and other large financial institutions).
...oops -just add another $2 trillion! White House Adds $2 Trillion to Deficit Forecasts
New signs raise hopes for recovery
Bernanke: Economy on verge of recovery, worst of crisis is over
Is This Rally The Final Kiss Good Bye?
For Volatile US Stock Market, September May Be Real Test
World Bankers Suggest Rebound May Have Begun
World Economy Emerging From Worst Recession Since World War II
U.S. existing-home sales jump to 2-year high
Mortgage delinquencies hit another record: MBA
If Asset Prices Are Dropping, Why Are Bank Stocks Rising?
Meredith Whitney’s Good News… Only 300 Bank Failures
As U.S. bank failures rise, more foreign banks may make bids
Foreign banks can't save everyone
Treasury Makes Money on Citi Bailout
America May Need to Find Another Financier
As China Stocks Retreat, Fears Grow About Economic Impact
Danger for the Dollar
Posts
No comments:
Post a Comment