AIG's ugly report

The overall market took a hit Friday, when AIG released a less than pretty earnings report, that sent credit worries back to the forefront. The insurance giant reported a $5.29 billion loss, the biggest in its history, and took a big charge related to the estimated market value of credit derivatives. All 30 components of Dow Jones Industrial Average fell, leaving the blue chip average in the red for the week. Friday definately left a bad taste in investors' mouths and we will see how they respond next week. DJIA -315.79 Nasdaq -60.09 S&P 500 -37.05

Oil breaks $102

The Dow Jones Industrial Average snapped a four-day winning streak ending down almost 1% Thursday. Federal Reserve Chairman Ben Bernanke also reminded investors of possible risks remaining in the financial sector. Wrapping up two days of congressional testimony, Mr. Bernanke said some small banks could yet fail because of the recent housing crunch. With oil pressing higher and inflation pressures growing, investors are still showing their worry. DJIA -112.10 Nasdaq -22.21 S&P 500 -12.34

Adding Up

Wall Street added to previous gains. IBM announced a share buyback, but that was the extent of the good news. Target's numbers weren't great. Google slipped. Despite this, all indexes posted nice gains on the day. Overseas markets are also benefitting from the U.S. led rally. Could this signal the beginning of the end of bad news? DJIA +114.70 NASDAQ +17.51 S&P 500 +9.49

Off to a Good Start

The week started well, carrying over more gains from Friday. The bond insurers are getting some relief, and this is calming fears on all fronts. Citigroup is still looking peaked and declined, despite the overall Monday bounce. Housing is still the albatross, and these numbers haven't started to improve yet. Spring can't come soon enough! DJIA +189.20 NASDAQ +24.13 S&P 500 +18.69

Ambac jumps late

Hopes for a bailout of bond insurer Ambac Financial Group sparked a late rally in the financial sector, helping the whole market finish higher after a day in the dumps. Until this week, investors' primary economic fear has been the possibility of a recession, but in recent days inlation has been the larger fear, with oil hitting record highs. Market participants widely anticipate the bank to cut the target rate as low as 2.5% at its next meeting, which if it happens, will spark up more worries about inflation. Have a safe weekend!! DJIA +96.72 Nasdaq +3.57 S&P 500 +10.58