Posted by: Kim_Hamilton on 02/09/2009 06:16 PM
Updated by: Kim_Hamilton on 02/09/2009 06:16 PM
Expires: 01/01/2014 12:00 AM
:
Donna M. Stevenson, Wealth Manager Presents Weekly Economic Update for the Week of February 9, 2009
Quote of the week. "Learn from your dreams what you lack." - W.H. Auden
Anticipation in Washington. Would the now-$937 billion stimulus package pass in the Senate? Would more than $100 billion be cut from the bill? As Senate Majority Leader Harry Reid (D-NV) noted Friday, "The world is waiting to see what we're going to do." Bulls ran on Wall Street last week, in anticipation of the stimulus and Treasury Secretary Tim Geithner's Monday speech on revisions to TARP.1 President Obama also created an Economic Recovery Advisory Board last week, featuring former Federal Reserve Chairman Paul Volcker.2....
Obvious joblessness data. The markets shrugged at news that unemployment had hit 7.6% in January. America lost 598,000 jobs last month. The amount of Americans unemployed for 27 weeks or more has risen by 1.3 million over the past 12 months. The population working part-time increased by 3.1 million in the last 12 months.3
Pending home sales up 6.3%. Why was the National Association of Realtors able to report such a positive number for December? A clue: the median home price in December was $175,400.4 Gold strong, oil weak. Gold stayed over $900 last week, finishing at $914.30 on the NYMEX. Oil futures, meanwhile, closed Friday at $40.16.5
Happiness on Wall Street. The Dow gained nearly 280 points on the week, wrapping up Friday at 8,280.59. The NASDAQ erased its 2009 losses, ending Friday at 1,591.71. The S&P 500 closed Friday at 868.60, rising about 5.2% on the week. Worth noting: Bank of America shares gained 27% Friday.6
Riddle of the week. They come at night without being called. They are lost in the day without being stolen. What are they?
Contact my office or see next week's Update for the answer.
Last week's riddle: One word, seven letters. The first two stand for a boy. The first three stand for a girl. The first four signify a brave boy, yet all seven letters signify a brave girl. What word is this?
Answer: Heroine.
% Change Y-T-D 1-Year 5-Yr Avg
DJIA -5.65 -32.13 -4.37
NASDAQ +0.93 -30.15 -4.58
S&P 500 -3.84 -34.52 -4.80
(Source: CNNMoney.com, 2/6/09)7
Indices are unmanaged, do not incur fees or expenses, and cannot be invested into directly. Indices do not include dividends.
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These views are those of Peter Montoya Inc., and not the presenting Representative or the Representative's Broker/Dealer, and should not be construed as investment advice. The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks. The NASDAQ Composite Index is an unmanaged, market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System. The Standard & Poor's 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. It is not possible to invest directly in an index. NYSE Group, Inc. (NYSE:NYX) operates two securities exchanges: the New York Stock Exchange (the "NYSE") and NYSE Arca (formerly known as the Archipelago Exchange, or ArcaEx®, and the Pacific Exchange). NYSE Group is a leading provider of securities listing, trading and market data products and services. The New York Mercantile Exchange, Inc. (NYMEX) is the world's largest physical commodity futures exchange and the preeminent trading forum for energy and precious metals, with trading conducted through two divisions - the NYMEX Division, home to the energy, platinum, and palladium markets, and the COMEX Division, on which all other metals trade. All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy. All economic and performance data is historical and not indicative of future results. The market indices discussed are unmanaged. Investors cannot invest in unmanaged indices. The publisher is not engaged in rendering legal, accounting or other professional services. If other expert assistance is needed, the reader is advised to engage the services of a competent professional. Please consult your Financial Advisor for further information. Additional risks are associated with international investing, such as currency fluctuations, political and economic instability and differences in accounting standards.
Citations.
1 finance.yahoo.com/news/Wall-Street-shrugs-off-apf-14279774.html [2/6/09]
2 money.aol.com/news/articles/_a/bbdp/obama-to-name-economic-advisers/325743 [2/6/09]
3 usnews.com/articles/news/stimulus/2009/02/06/598000-jobs-lost-in-january-the-worst-one-month-plunge-in-35-years.html [2/6/09]
4 nytimes.com/2009/02/04/business/economy/04economy.html?hp [2/4/09]
5 money.cnn.com/2009/02/06/markets/markets_newyork/index.htm?postversion=2009020616 [2/6/09]
6 bloomberg.com/apps/news?pid=20601103&sid=arv5JhIikd4U&refer=news [2/6/09]
7 money.cnn.com/data/markets/dow/? [2/6/09]
7 money.cnn.com/data/markets/nasdaq/? [2/6/09]
7 money.cnn.com/data/markets/sandp/? [2/6/09]
7 money.cnn.com/quote/historical/historical.html?pg=hi&close_date=2%2F6%2F08&mode=add&symb=DJIA [2/6/09]
7 money.cnn.com/quote/historical/historical.html?pg=hi&close_date=2%2F6%2F04&mode=add&symb=DJIA [2/6/09]
7 money.cnn.com/quote/historical/historical.html?pg=hi&close_date=2%2F6%2F08&mode=add&symb=COMP [2/6/09]
7 money.cnn.com/quote/historical/historical.html?pg=hi&close_date=2%2F6%2F04&mode=add&symb=COMP [2/6/09]
7 money.cnn.com/quote/historical/historical.html?pg=hi&close_date=2%2F6%2F08&mode=add&symb=SPX [2/6/09]
7 money.cnn.com/quote/historical/historical.html?pg=hi&close_date=2%2F6%2F04&mode=add&symb=SPX [2/6/09]
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