New unemployment claims were below 600,000 again, this time at 550,000, and three more banks were shut down by regulators (list).
Commodities: Oil prices rallied to just over $71 per barrel (maybe we'll see a double top at this level as the US dollar tries to recover a bit). Gold closed the week around $955, while the US Dollar recovered some losses for the week, and Bond prices dropped. Sugar hit a record high.
As if we didn't have enough debt already (see the debt clock on the left), the Treasury Secretary now wants to raise the US credit limit again! Take a look at the debt clock again and you'll see why -about a million dollars is added every 10 seconds.
Next week there is a Fed meeting/announcement on Wednesday, along with some more earnings reports (including Walmart).
Market analysis: We continue to move higher, though we did see a pause mid-week. The financials also saw a strong rally over the past two weeks. It's anyones guess as to whether the rally will continue this week. It's a good level to take some profits and/or to protect your positions, since we have been up almost non-stop since early March.
Dow and S&P at new '09 highs
Goldman: Get ready for another commodity bull run
Job Losses Slow, Signaling Momentum for a Recovery
AIG, Fannie Mae and Freddie Mac Rise From the Dead
Fannie Mae to Tap $10.7 Billion in Treasury Capital
Inside G.E., a Little Bit of Enron
Mortgage Modifications Can't Catch Foreclosures
About Half Of U.S. Mortgages Seen Underwater By 2011
The Greenback Is Broken
Biggest companies: Shrinking giants
Clunker Cash Is Anything But Smart Money
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