We saw another week of indecision in the markets. The monthly jobs report on Friday was a big positive surprise coming in at 11,000 job losses (125,000 was expected), with the unemployment rate also falling to 10%.
New unemployment claims for this week came in at 457,000! (chart).
-again under the half million mark, after being above it all year!
Six more banks were shutdown this week! (list).
Commodities: Oil prices continued to fall again, closing the week around $75 per barrel. Natural Gas also fell, closing around $4.60. Gold hit record prices again this week, before a huge drop on Friday, closing around $1170. The US Dollar index was down, but rose sharply on Friday closing around the 76 level. Bond prices saw a huge drop for the week.
Next week could be a quiet week with no major reports or events.
Market analysis: The market continues to be range-bound for the third week in a row. It's not clear where it is headed next. If the dollar begins to rally as it did on Friday, the market could sell off some more. The energy sector seems to be weakening. Also, AAPL had a big selloff on Friday, and could start to drag the NASDAQ down.
Gold Falls Most in a Year as Dollar Rally Spurs Investor Sales
TrimTabs: The Real Job Loss Number Was 255,000
CHART OF THE DAY: Depressed Americans Quit The Labor Force
Fudging Losses Is Easy When the FDIC Does It, Too
What Lurks on the Books of Banks
Junk mortgages: It just gets worse
Bank of America raises $19 billion for TARP exit
Kuwait Investment Fund Sells Citigroup Stake for $4.1 Billion
Banks Take Losses on Short Sales as Foreclosures Soar
Mortgage Rates in the U.S. Decline to a Record Low
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