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Wednesday, September 29, 2010
Stocks finished in the red again today as a decline in financial stocks more than offset a boost in oil prices and energy stocks. The dollar also continued its descent, hitting its lowest level in eight months, while gold continued to climb. DJIA -22.86 Nasdaq -3.03 S&P 500 -2.97.
Tuesday, September 28, 2010
Stocks climbed despite drops in consumer confidence and central-Atlantic manufacturing conditions, as investors saw the economic weakness as a sign the Federal Reserve may be more likely to introduce more stimulus. The health-care sector led today's gains, boosted by a report of strong growth in sales and volumes of prescription drugs from Walgreens. Shares of the drugstore operator jumped 11%. Reports on housing, consumer confidence and manufacturing in the central Atlantic region all indicated the economy remains weak. Expectations for any stimulus measures sent the dollar lower, while sending gold to a record high of over $1300 an ounce. DJIA +46.10 Nasdaq +9.82 S&P 500 +5.54.
Monday, September 27, 2010
Stocks slipped today as concerns over the health of financial companies prompted investors to take a step back after four consecutive weeks of gains. Although we saw a modest decline today, the Dow is still up 8% this month - its best September performance since 1939. Financial stocks weakened after Moody's Investors Service downgraded the debt of Anglo Irish Bank three notches because it's expected to require further government support. DJIA -48.22 Nasdaq -11.45 S&P 500 -6.51.
Thursday, September 23, 2010
Weakness in U.S. jobs figures and European economic data knocked the market into the red for the second straight session. Data showing a stronger-than-expected gain in existing home sales for August was encouraging but never proved quite strong enough to outweigh the worse-than-expeced jobless claims and disappointing pace of growth in the euro zone. DJIA -76.89 Nasdaq -7.47 S&P 500 -9.45.
Wednesday, September 22, 2010
Well, it's the first day of Fall and still as hot as ever! It's hard to believe September is almost over. Unfortunately, the Dow broke its five-day winning streak today as investors worried about the implications of further Treasury buying by the Federal Reserve. Gold has been on the rise - reaching its fifth record high in seven sessions. The indexes were weighed down by a pullback in technology and financials. DJIA -21.72 Nasdaq -14.80 S&P 500 -5.50.
Tuesday, September 21, 2010
The Dow Jones Industrial Average closed up for a fifth-straight session after the Federal Reserve hinted it could take additional measures to stimulate economic growth. The index is up 7.5% for the month of September and is on track for its best September performance since 1939. The Fed concluded its one-day policy meeting without announcing additional steps to boost the recovery. But central bank officials signaled they are uncomfortable with the recent low levels of inflation and they're prepared to take additional action to the boost the economic recovery. DJIA +7.41 Nasdaq -6.48 S&P 500 -2.93.
Monday, September 20, 2010
U.S. stocks closed at their highest level in more than four months today as encouraging financial and home builder earnings boosted confidence in the economic recovery. Today's gains accelerated after the National Bureau of Economic Research, the unofficial arbiter of recessions' start and end dates, said the recession began in December 2007 and ended in June 2009. Helping to bolster confidence in the global economic recovery, Moody's retained its stable outlook on the U.K., saying the country's current triple-A rating should remain safe if their fiscal consolation plan stays on target. DJIA +145.77 Nasdaq +40.22 S&P 500 +17.12.
Wednesday, September 15, 2010
Stocks closed at the day's highs, adding modest gains as investors searched for a clear market direction after a package of mixed economic data. Traders say that a recent rise in investor optimism has helped push the market up. However, many investors are still waiting to see if the S&P 500 will break through the 1130 level. On a different note, the dollar rose 3% today against the yen after Japanese authorities intervened in currency markets to stop the yen from climbing any further. DJIA +46.24 Nasdaq +11.55 S&P 500 +3.97.
Monday, September 13, 2010
A long "phase-in period" for tighter requirements on bank-capital ratios helped boost stocks and risky assets, sending financial stocks and the euro higher. Financials led the charge after banking regulators in Switzerland agreed to phase in new restraints on lenders over more than eight years - a longer horizon than expected, which shouldn't affect bank earnings or lending. Consumer staples and healthcare stocks weighed on the markets as traders started paying attention to the rest of the week's economic calendar, particularly focusing on tomorrow's retail sales report. DJIA +81.36 Nasdaq +43.23 S&P 500 +12.35.
Friday, September 10, 2010
End of a Short Week
I know! I know! It was only a 4 day work week, but I'm ready for the weekend. All in all, a good week for markets. The economic data continues to be weak but positive. Jobless claims dropped again, but the growth in new jobs is too little to bring down the unemployment rate. Wholesale inventories are ticking up, indicating confidence that consumers will be back in the stores. Mortgage rates are also rising off a very low bottom. We'll have 5 days next week. Oh, no, can I stand it? And will the trend hold? DJIA +47.60 NASDAQ +6.28 S&P 500 +5.39
Thursday, September 09, 2010
Stocks rose slightly again today after an unexpectedly sharp fall in new weekly jobless claims and encouraging trade-deficit data. Unemployment claims unexpectedly fell by 27,000 to 451,000 in the week ended September 4. A separate report showed the U.S. trade deficit contracted sharply in July, posting its biggest drop in 17 months. Although these were both good things to hear, they were unable to drive any large gains today. I guess we better take what we can get though! DJIA +28.23 Nasdaq +7.33 S&P 500 +5.31.
Wednesday, September 08, 2010
Stocks posted modest gains today as investors found comfort in the European banking sector, offsetting mixed signals on the domestic economy from the White House and Federal Reserve. Financial stocks were the best performing sector after encouraging developments in Europe's banking sector helped clear a source of uncertainty for the markets. The good financial reports out of Europe helped offset the Fed's "beige book" report on economic activity throughout the country, which pointed to widespread signs of slowing across the country. DJIA +46.32 Nasdaq +19.98 S&P 500 +7.03.
Thursday, September 02, 2010
Despite an oil rig explosion and Hurricane Earl approaching the East Coast, stocks continued to climb today. These gains come as investors await Friday's release of the monthly jobs data, which will shed more light on the economic recovery. Better-than-expected housing and retail data provided some encouragement to investors, but caution prevailed following yesterday's rally. Hopefully tomorrow will bring good news and continued gains! DJIA +50.63 Nasdaq +23.17 S&P 500 +9.81.
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