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Friday, August 29, 2008
All eyes are on the Gulf, as Gustav makes its way to the oil rich area. I called my folks this morning in Gulfport to see if they are ready to make a trip North. As expected, they are calm and collected and getting ready for the storm. They've purchased a generator that can power the freezer, their 2 refrigerators (yes, 2), a room air conditioner, AND the television. There are more storms behind this one, as hurricane season heads into high season. Oil prices are climbing in response. Markets are dropping in anticipation. DJIA -170.74 NASDAQ -44.12 S&P 500 -17.87
Thursday, August 28, 2008
More Good News!
A revised GDP boosted markets today. The revision took GDP from 1.9% in the last quarter to a healthy 3.3%. There is some skepticism about this continuing, since much of the consumer spending came from those rebate checks. In addition, it looks like energy demand is slowing enough to cause inventories in natural gas to rise. The result was pressure on oil futures, as the price per barrel fell to around $116. The DJIA gained almost 2%-- the big winner today. DJIA +212.67 NASDAQ +29.18 S&P 500 +11.46
Wednesday, August 27, 2008
Orders for durable goods are on the rise. Companies are beginning to spend for capital equipment-- a good sign that CEOs are getting ready for growth. For the last two months, the sales of luxury goods have also increased. Could we be turning the corner? These good signs resulted in gains on all indexes. DJIA +89.64 NASDAQ +20.49 S&P 500 +10.15
Monday, August 18, 2008
The Financial Hump
Oil fell to below $113 a barrel. We noted the change at the pump, as we cruised into town last night-- from near $4 a gallon to $3.50 per gallon. My husband reported a $3.39 per gallon sighting! Despite the continued freefall of oil, markets dropped 1.5% across the board. The financial sector continues to weigh on investors. Freddie and Fannie are taking it on the chin. We await word from Washington on these two supporting giants. DJIA -180.51 NASDAQ -35.54 S&P 500 -19.60
Monday, August 11, 2008
Extending the Rally
Markets added to the tremendous gains from last week. After all was said and done, the gains were modest, but it was nice to see the addition. Jack Albin of Harris Private Bank in Chicago said, "Just tell me how oil is going to move on any given day, and I'll tell you how the stock market is going to go." I'm with you, Jack! Oil dropped to below $115 per barrel today, despite the Russian/Georgian conflict. Gold also pulled back, ending at $821.50 per ounce. I'm waiting for the Dow to cross back over 12,000 and the NASDAQ to ease over 2500 again. DJIA +48.03 (11782.35) NASDAQ +25.85 (2439.95) S&P 500 +9.00 (1305.32)
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