Weekly Wrap Up
The first week of February was an eventful week. The stock markets started off fairly strong last Monday with stocks gains as manufacturing beat estimates. The momentum continued into Tuesday with positive data pushing the S&P 500 back above resistance levels. But things turned south starting on Wednesday and continued with a sharp drop on Thursday due to concerns over Europen Debt. Friday didn’t get much better as we headed into the Super Bowl weekend and Mid-Atlantic residents braced for the Snowmageddon.
Overall, the week ended lower with the Dow down -55.10 points to 10,012.23 — flirting with the 10,000 points mark — the S&P 500 was down -7.68 points to 1,066.19, the NASDAQ was down -6.23 points to 2,141.12, and the 10-year Treasury Bond interest rate was down -0.02 points to 3.132%.
If you believe in the Super Bowl indicator, which predicts a bull market if an NFC team wins and a bear if the AFC team wins. then we are heading for a bull market. With the New Orleans Saints as the Super Bowl XLIV Champion, it’s time to get ready for a bull run. More Market News
Economic News
Unemployment Rate Fell to a Five-Month Low of 9.7 Percent
The labor market got some more mixed news today. The US economy lost another 20,000 jobs in January, but the unemployment rate fell to a five-month low of 9.7 percent. Despite the job losses, the drop in the unemployment rate suggests that the dismal employment outlook is finally starting to improve. (source: 24/7 Wall St.) Click here to read the full article
The labor market got some more mixed news today. The US economy lost another 20,000 jobs in January, but the unemployment rate fell to a five-month low of 9.7 percent. Despite the job losses, the drop in the unemployment rate suggests that the dismal employment outlook is finally starting to improve. (source: 24/7 Wall St.) Click here to read the full article
Jobless Claims Unexpectedly Jumped by 8,000
The number of US workers filing new claims for jobless benefits unexpectedly rose to the highest level since mid-December last week. Economists were expecting claims to drop to 455,000, but they rose to 472,000. On the other hand, US non-farm productivity rose faster than expected in the fourth quarter as companies squeezed more output from their employees. (source: Blogging Stocks) Click here to read the full article
The number of US workers filing new claims for jobless benefits unexpectedly rose to the highest level since mid-December last week. Economists were expecting claims to drop to 455,000, but they rose to 472,000. On the other hand, US non-farm productivity rose faster than expected in the fourth quarter as companies squeezed more output from their employees. (source: Blogging Stocks) Click here to read the full article
Pending Home Sales Post Modest Rebound
Pending home sales rose moderately in December, according to the National Association of Realtors. The small increase in the index comes after a 16.4% decline in November. (source: Blogging Stocks) Click here to read the full article
Pending home sales rose moderately in December, according to the National Association of Realtors. The small increase in the index comes after a 16.4% decline in November. (source: Blogging Stocks) Click here to read the full article
Manufacturing Improves in January
The nation’s factory sector continued to show an expansion in January. The Institute for Supply Management index rose to 58.4% from 54.9%, above the 56.0% expected by economists. (source: MarketWatch) Click here to read the full article
The nation’s factory sector continued to show an expansion in January. The Institute for Supply Management index rose to 58.4% from 54.9%, above the 56.0% expected by economists. (source: MarketWatch) Click here to read the full article
Business News
S&P Takes AAA From Berkshire
Warren Buffett’s Berkshire Hathaway Inc. (BRK.A) was stripped of its last AAA credit rating by Standard & Poor’s Ratings Services. The downgrade is in response to the billionaire’s decision to purchase Burlington Northern Santa Fe Corp. (source: iStockAnalyst) Click here to read the full article
Warren Buffett’s Berkshire Hathaway Inc. (BRK.A) was stripped of its last AAA credit rating by Standard & Poor’s Ratings Services. The downgrade is in response to the billionaire’s decision to purchase Burlington Northern Santa Fe Corp. (source: iStockAnalyst) Click here to read the full article
Lending Standards Remain Tight
Banks continued to tighten the terms for loans to consumers and companies last quarter, according to the Fed’s quarterly survey of senior loan officers. (source: Businessweek) Click here to read the full article
Banks continued to tighten the terms for loans to consumers and companies last quarter, according to the Fed’s quarterly survey of senior loan officers. (source: Businessweek) Click here to read the full article
Consumer Spending Up Slightly
A report from the Commerce Department showed that spending by US consumers increased in December for a third consecutive month. However, the increase in spending was not as much as analysts had expected. Consumer spending increased by just 0.2%, after growth of 0.7% in November. Economists had expected growth of 0.3%. (source: NPR) Click here to read the full article
A report from the Commerce Department showed that spending by US consumers increased in December for a third consecutive month. However, the increase in spending was not as much as analysts had expected. Consumer spending increased by just 0.2%, after growth of 0.7% in November. Economists had expected growth of 0.3%. (source: NPR) Click here to read the full article
US auto sales rose in January, but overall the results were disappointing
As expected, Toyota’s (TM) sales actually went in the opposite direction, falling 16 percent as consumers turned away from some of its most popular models. Meanwhile, Ford (F) posted a 25% increase and General Motors watched sales go up 14% in January. Click here to read the full article
As expected, Toyota’s (TM) sales actually went in the opposite direction, falling 16 percent as consumers turned away from some of its most popular models. Meanwhile, Ford (F) posted a 25% increase and General Motors watched sales go up 14% in January. Click here to read the full article
Technology Focus
Cisco Predicts Faster Sales Growth
Cisco Systems Inc. (CSCO) reported a jump in fiscal second-quarter profit that beat Wall Street’s estimates. The biggest maker of networking equipment predicted accelerating sales growth and said it will boost its workforce by as much as 3,000. (source: Businessweek) Click here to read the full article
Cisco Systems Inc. (CSCO) reported a jump in fiscal second-quarter profit that beat Wall Street’s estimates. The biggest maker of networking equipment predicted accelerating sales growth and said it will boost its workforce by as much as 3,000. (source: Businessweek) Click here to read the full article
Panasonic Raises Forecast
Panasonic raised its sales forecast for the year to 7.35 trillion yen from a previous forecast of 7 trillion yen. The tech giant also watched third-quarter profits surge to 32.3 billion yen ($361 million) as overseas and domestic sales increased during the quarter. (source: The Money Times) Click here to read the full article
Panasonic raised its sales forecast for the year to 7.35 trillion yen from a previous forecast of 7 trillion yen. The tech giant also watched third-quarter profits surge to 32.3 billion yen ($361 million) as overseas and domestic sales increased during the quarter. (source: The Money Times) Click here to read the full article
The next iPad
already?
According to rumors, Apple will soon be announcing a much bigger, more powerful second-generation iPad. (source: The Week) Click here to read the full article
According to rumors, Apple will soon be announcing a much bigger, more powerful second-generation iPad. (source: The Week) Click here to read the full article
Your Money
Save Money and Still Show Love on Valentine’s Day
Valentine’s Day doesn’t have to be expensive. Here are some tips to help you save money and still show your love. (source: Wise Bread) Click here to read the full article
Valentine’s Day doesn’t have to be expensive. Here are some tips to help you save money and still show your love. (source: Wise Bread) Click here to read the full article
Five Financial Mistakes That Can Cost You Significantly
You are bound to make a financial mistake sooner or later, the best way to make it later than sooner is to learn about common mistakes that can cost you a lot of money. Here are five such mistakes for you to learn from. (source: Generation X Finance) Click here to read the full article
You are bound to make a financial mistake sooner or later, the best way to make it later than sooner is to learn about common mistakes that can cost you a lot of money. Here are five such mistakes for you to learn from. (source: Generation X Finance) Click here to read the full article
What government services would you give up for a lower tax bill?
An interesting review of the situation at cash-strapped Colorado Springs, which clearly demonstrates what your tax money pays for. Are you ready to go back to the wilder days and “survive on your own”? If you’re curious about where your tax money goes, check out our TaxTrackr. (source: Don’t Mess With Taxes) Click here to read the full article
Tags: mixed news, unemployment rate, 10 year treasury, farm productivity, nfc team An interesting review of the situation at cash-strapped Colorado Springs, which clearly demonstrates what your tax money pays for. Are you ready to go back to the wilder days and “survive on your own”? If you’re curious about where your tax money goes, check out our TaxTrackr. (source: Don’t Mess With Taxes) Click here to read the full article
