Stock Market Blog -May 30th

More indecision in the markets this week as we close out the month of May. This has been the worst month of May for the DOW in 40 years! (or since 1940?) -either way, it was a bad month. The S&P 500 also took out the lows seen in February. Concerns about Europe's economy still linger, while tensions in Korea didn't help matters either.

Also making news this week is that Apple is now bigger than Microsoft in terms of market value!

All time highs this week: AAP ORLY UHS XEC


New unemployment claims fell this week, coming in at 460,000 (chart).
This week five more banks were shutdown by the FDIC! (list).

Next week: We get a number of Economic reports, along with the much anticipated monthly jobs report on Friday. JOYG and STP also report earnings next week.

Market commentary: The market tried to rally this week, but met with more selling. Next week is a short week (markets closed on Monday), with the monthly jobs report due on Friday, a potentially big market mover. Until then, the short term market direction is undecided. Longer term, it still looks like more downward pressure to come.

Commodities:
Oil prices recovered, closing around $74 per barrel.
Natural Gas was up, closing around $4.35.
Gold prices recovered, closing around $1215.
The US Dollar index was mostly unchanged, closing just over 86.
The 30 year Bond dropped, closing around $123.

News:
Dow ends worst May in 70 years
Indexes lose 8% in month
Evidence of Slower Economic Growth Piles Up
Five-star mutual funds don't live up to their past
Beware of the bubble in bonds
The Time Has Come to Short 10 Year Treasuries

Fitch downgrades Spain from AAA
Number of the Week: 75% Chance of Greek Default
Global Meltdown: Chapter Two
Treasury sells 1.5 billion Citi shares for $6.2 billion
Central banks - crisis creators
Is Gold the Next Bubble?
Apple: iPad sales top 2 million since launch
25 stock picks from 25 great investors