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Weekend Linkage - February 3, 2008

Sun — Sun, 03 Feb 2008 15:50:51 +0000

Original Post on The Sun's Financial Diary

Weekend Linkage - February 3, 2008

Recap of the week

So January finally ended.I guess everybody is happy that the toughest January in years is over. The stock markets started the new year with a noise dive, with the Dow plunging nearly 500 points in the first five trading sessions. By the time when the index lost nearly 1000 points, the Fed came to rescue, delivering two consecutive rate cuts in a matter of a week. The aggressive, total 1.25% reduction in interest rate gave equity markets a boost. Since January 23rd, the Dow reclaimed almost 800 points, with more then 500 points coming in the last week. However, January still shaped up to be the worst start of the new year in years. For the month, the Dow dropped more than 4.6%.

For the week, the Dow gained 4.4% to 12,743.19, the S&P 500 rose 4.9% to end the week at 1,395.42 and the tech-heavy NASDAQ added 3.8% to 2,413.36. Spot gold posted a losing week with a drop of $2.60/ounce to close at $907.90 an ounce, while silver gained 38 cents to $16.79/ounce.

Interesting reads

Ben at Money Smart Life listed tax deductions that can increase you r after tax investment return. Check it out so you don’t overlook any deduction you are eligible.

Do you have disability insurance? Do you need one? Jeremy at Generation X Finance explained why having a disability insurance can save your financial life.

Silicon Valley Blogger at The Digerati Life decided to choose simplicity over complexity when it comes to investing. Better yet, the simplest portfolio could beat the average investor’ returns.

Lazy Man at Lazy Man and Money used a guest to discuss Simplified Employee Pension Plan, or SEP-IRA, and a strategy to fund the plan to gain the maximum benefits.

NCN at No Credit Needed asked: Do you need a little balance when it comes to matters of personal finance?

Do you take advices from so-called gurus? FMF at Free Money Finance said most financial journalists don’t know much what they write about.

MBH at Mighty Bargain Hunter shared his thoughts on Generation Y males, or child-men, and finances.

2million talked about what characteristics they would consider for a house and why house is their biggest obstacle to financial freedom.

Super Saver at My Wealth Builder posted how Saver’s Credit can help with retirement savings.

Mapgirl at Mapgirl’s Fiscal Challenge offered some advices if you are laid off.

Video: Reuters Business Recap for the Week of November 26, 2007

Sun — Sat, 01 Dec 2007 20:13:13 +0000

Original Post on The Sun's Financial Diary

Video: Reuters Business Recap for the Week of November 26, 2007

US equities were lifted last week by hints from top Federal Reserve officials that another rate cut could be coming in the next FOMC meeting in early December. Stock markets opened the last trading week of November on a down note with the Dow posted yet another triple-digit lose on Monday after the strong post-Thanksgiving weekend retail sales failed to boost investor confidence. But stocks surged on Tuesday after Citigroup announced multi-billion dollar cash infusion by Abu Dhabi, easing concerns of the availability of capital at the biggest bank in US. The rally continued for the rest of the week as speculations of more rate reductions in the coming months grew.

For the week, the S&P 500 gained 2.8% to 1,481.14, the Dow added 3% to 13,371.72, and the tech-heavy NASDAQ climbed 2.5% to 2,660.96. As the US dollar strengthening against other major currencies, gold saw a big drop in the week. Spot gold lost $38.5 in the past five days to close at $783.10 an ounce on Friday, while crude oil traded below $90 after getting close to $99 a barrel on Monday. Crude for January delivery was at $88.71/barrel on NYMEX on Friday.

Video: Reuters Business Recap for the Week of November 12, 2007

Sun — Sun, 18 Nov 2007 16:04:29 +0000

Original Post on The Sun's Financial Diary

Video: Reuters Business Recap for the Week of November 12, 2007

The stock markets were again under pressure last week after more bad investments were revealed by financial companies, which have dominated the headlines lately. The only bright spot last week was Wal-Mart which saw its shares up more than 8% in the past 5 trading sessions. Earning forecasts from other retailers such as JCPenny, Macy’s and Ann Taylor were, however, disappointing as holiday shopping season approaches. The soaring energy prices and slumping housing market may finally put a break on consumer spending.

For the week, major indices snapped a two-week losing streak to post moderate gains, thanks to the 320-point advance of the Dow on Tuesday propelled by the upbeat earning report from Wal-Mart. The S&P increased by 0.4% to 1,458.74, the Dow added 1% to 13,176.79, and the NASDAQ rose 0.4% to 2,637.24. Gold price, after some relentless gains in the recent weeks, finally took a breather, giving up $46.70 to end the week at $785.40 an ounce. Crude oil also lowered, losing $2.48 to close at $93.84/barrel on NYMEX on Friday.

Video: Reuters Business Recap for the Week of November 5, 2007

Sun — Sun, 11 Nov 2007 16:00:00 +0000

Original Post on The Sun's Financial Diary

Video: Reuters Business Recap for the Week of November 5, 2007

Another tough week for stocks as the subprime mortgage pot continued to boil and more and more banks came out with big losses due to bad investments. After Merrill Lynch, Citi also ousted its chief executive last weekend, but that didn’t help its shares from slumping to the lowest level in more than 4 years. Meanwhile, other industries started to feel the pain of the crisis in the financial market. Network equipment maker Cisco System saw slower spending by financial firms on information technology. The weak growth forecast sent the stock 9.5% lower on Thursday, its biggest decline since August 2004.

Fro the week, the S&P dropped 3.7% to 1,453.70, the Dow lost 4.1% to 13,042.74, and the tech-heavy NASDAQ plunged 6.5% to 2,627.94. It’s the biggest weekly loss for the NASDAQ in more than 5 years. The continuous weakening US dollar pushed commodities to record levels. Spot gold price gained $26.10 last week to settle at $832.10 an ounce last Friday. Oil went over $98 early in the week before pulling back to register a 39-cent gain to $96.32/barrel on the NYMEX.

Video: Reuters Business Recap for the Week of October 29, 2007

Sun — Sun, 04 Nov 2007 15:00:04 +0000

Original Post on The Sun's Financial Diary

Video: Reuters Business Recap for the Week of October 29, 2007

It wasn’t a pretty start of a new month for the stock markets. One day after getting a boost from the Federal Reserve’s a quarter-point rate cut, stocks took a nose dive on Thursday after Exxon Mobile reported a loss in quarterly profit and CIBC issued warnings that Citigroup may cut its dividend. Though the economy is still robust (third quarter’s GDP growth rate is 3.9%) and the job market remains strong (166,000 new jobs added in October), renewed concerns of the effect of the mortgage crisis on the financial sector pressured stocks.

Major indices closed the week mixed. For the week, the S&P dropped 1.7% to 1,509.65, the Dow lost 1.5% to 13,595.10 and the NASDAQ gained 0.2% to 2,810.38. As equity markets declined and the US dollar reached record low against the Euro, commodities rallied. Spot gold closed above $800 an ounce for the first time since 1980. For the week, gold gained $22.50 to $806.00/ounce on Friday, while crude oil rose $4.06 to $95.93 a barrel on the NYMEX.

Video: Reuters Business Recap for the Week of October 22, 2007

Sun — Sat, 27 Oct 2007 15:36:59 +0000

Original Post on The Sun's Financial Diary

Video: Reuters Business Recap for the Week of October 22, 2007

Stocks finished the trading week with a triple-digit gain of the Dow on Friday as strong profits report from software giant Microsoft lifted technology stocks and bullish forecast from the nation’s largest mortgage provider Countrywide boosted the financial sector. What happened in the middle of the week was more interesting. For each day from Tuesday to Thursday, the Dow at one point appeared to head to triple-digit decline, but the index rallied back to finish each of the three sessions virtually flat.

For the week, the S&P 500 rose 1.4% to 1,535.28, the Dow climbed 1% to 13,806.7, and the tech-heavy NASDAQ added 1.9% to 2,804.19. The rally of gold continued this week as the US dollar kept weakening against Euro. Spot gold price gained nearly$20 to close at $783.50 an ounce on Friday. Crude oil reached another record Friday as geopolitical tension in the Middle East increased. Crude oil for December delivery rose $3.26 this week to $91.86 a barrel on NYMEX on Friday.

Next week, investors’ attention will be on the FOMC meeting on Tuesday and the Fed’s interest rate decision on Wednesday. Speculations of another rate cut are growing in the recent weeks after big banks wrote down billions of dollars of assets. But will we get it this time? My guess is no.

Video: Reuters Business Recap for the Week of October 15, 2007

Sun — Sat, 20 Oct 2007 18:42:55 +0000

Original Post on The Sun's Financial Diary

Video: Reuters Business Recap for the Week of October 15, 2007

What a week!

The US stock markets headed nowhere but south as worries of a recession returned to the street. The earning season kicked into high gear last week, however the early reporters did bring investors much to cheer about. Big banks, including Citibank, Bank of America, and Wachovia, wrote down billions of dollars of assets from bad investments. Meanwhile, the US dollar fell to all time low against Euro and oil broke the $90 level for the first time in history.

For the week, the S&P 500 fell 3.9% to 1,500.63, snapping a five-week winning streak. The Dow declined 4.1% to 13,522.02 and the NASDAQ lost 2.9% to 2,725.16, getting some help from tech bellwether stocks such as Intel and Google. Spot gold gained $15.50 to close at $763.60/ounce Friday. Crude oil feture rose $4.91 to $88.60 a barrel on NYMEX.

Video: Reuters Business Recap for the Week of October 8, 2007

Sun — Sat, 13 Oct 2007 19:58:25 +0000

Original Post on The Sun's Financial Diary

Video: Reuters Business Recap for the Week of October 8, 2007

US stock markets continued their recovery from the summer slump last week and extended its winning streaks to 5 weeks as investors’ confidence got a boost from the minutes of the last Fed meeting which indicated the central bank is ready to take more actions should the economic conditions deteriorate. Meanwhile, the 0.6% gain in retail sales in September showed that consumer spending remained strong, despite the continuous weakening of the housing market. The government also reported that inflation is under control as the core producer price index rose by just 0.1% in September.

For the week, the S&P 500 climbed 0.3% to 1,561.80, the Dow Jones gained 0.2% percent to 14,093.08, and the NASDAQ added 0.9%t to 2,805.68. Both the S&P and the Dow hit record highs on October 9. Spot gold closed the week at $748.10/ounce, gaining $6.8 from last Friday. Crude oil for December delivery rose $2.47 to settle at $83.69 per barrel in New York Friday.

Video: Reuters Business Recap for the Week of October 1, 2007

Sun — Sat, 06 Oct 2007 13:11:52 +0000

Original Post on The Sun's Financial Diary

Video: Reuters Business Recap for the Week of October 1, 2007

When the Dow hit the intra-day low of $12,455 on August 16, 1,545 points or 11% below its peak of 14,000, the talks were all about how the economy will slide into recession. And the 4,000 job losses in August’s payroll number made the recession look inevitable. Though the possibility is still there (former Fed chairman Greenspan saw the odds between 1/3 and 1/2), the markets seem already put the summer credit crisis behind as both the Dow and the S&P reached new highs this week, thanks to the August employment data. After all, the economy not only didn’t lose any jobs as previously estimated, but actually added 89,000 workers in August. However, without the initial weak report 30 days ago, we probably won’t get the 50 basis points rate cut on September 18 which fueled the biggest gain of stocks in four years, and there won’t be the upward revision on October 5 that sent the Dow and the S&P to record highs.

For the week, the S&P 500 gained 2% to 1557.59, the Dow rose 1.2% to 14,066.01, and the NASDAQ advanced 2.9% to 2780.32. Spot gold ended the week slightly low after reaching 28-year high of $748/ounce early in the week. For the week, spot gold was down $1.80 to close at $741.30 on Friday. Crude oil for December delivery lost 44 cents to settle at $81.22 per barrel

Video: Reuters Business Recap for the Week of September 24, 2007

Sun — Sun, 30 Sep 2007 01:27:32 +0000

Original Post on The Sun's Financial Diary

Video: Reuters Business Recap for the Week of September 24, 2007

The last trading week of the month ended on the up note despite the moderate decline on Friday. With the lack of other significant economical and policy news, the contract agreement reached between GM and the labor union grabbed the headline last week and was hailed as a landmark contract that could bring competitiveness back to the US auto industry. Meanwhile, new home sales in August declined 8.3% to an annual rate of 795,000, the lowest in 7 years (Bloomberg).

For the week, the S&P 500 gained 0.1% to 1,526.75, the Dow rose 0.6% to 13,895.63, and the NASDAQ increased 1.1% to 2,701.50. As equities advanced for the new, so did commodities. Gold saw the highest close since 1980, reaching $743.10 an ounce on Friday. For the week, spot gold gained nearly $12 as US dollar touched fresh new low against Euro. Crude oil for December delivery closed at $81.66 on Friday after dropping below $80 a barrel early.

Video: Reuters Business Recap for the Week of September 10, 2007

Sun — Sat, 15 Sep 2007 18:41:36 +0000

Original Post on The Sun's Financial Diary

Video: Reuters Business Recap for the Week of September 10, 2007

After two consecutive losing weeks, major indexes rose last week, thanks to two triple-digit gain trading sessions for the Dow on Tuesday and Thursday. Investors were encouraged by the news that consumers are still spending though the retail sale numbers came in lower than expected. Meanwhile, concerns over the availability of credits that fueled the takeover boom in the first half of 2007 eased as a rate cut at next week FOMC meeting was deemed as a sure thing. The only question is by how much.

For the week, the Dow climbed 2.5% to 13,442.52, the index’s largest weekly gain since April, the S&P added 2.1% to 1,484.25, and the Nasdaq gained 1.4% to 2,602.18. Gold continues its rally last week after gaining $5.38 an ounce to close the week at $706.95/ounce. Gold price could move even higher if the Fed indeed cuts the benchmark interest rate next week, which will make dollar less attractive to investors. A weak dollar is always good for gold. Crude oil closed above $80 a barrel on Thursday for the first time since the trading began in 1983. Crude for December delivery advanced $2.40 for the week and closed at $79.10 on Friday.

Video: Reuters Business Recap for the Week of September 3, 2007

Sun — Sat, 08 Sep 2007 17:44:20 +0000

Original Post on The Sun's Financial Diary

Video: Reuters Business Recap for the Week of September 3, 2007

Didn’t you enjoy this market?

In the past two months or so, three-digit move of the Dow either way almost became a daily event. One day investors would feel the summer slump of stocks is not justified by the fundamentally sound economy and return to the markets to pick up bargains and that could send the index up some 100 points. The next day a piece of bad news (such as Friday’s employment data) brings everybody back to reality that a recession may have already appeared on the horizon and all of a sudden nobody wants to hold any stocks, good or bad, and the index could down some 200 points.

It’s all emotional.

For the holiday shortened week, the S&P 500 fell 1.4% to 1,453.55, the Dow lost 1.8% to 13,113.38, and the NASDAQ dropped 1.2% to close the week at 2,565.7. The biggest winner of the week is gold as the bullion gained nearly $29 an ounce or 4.4% to close at $701.57/ounce on Friday. Oil also advanced. Crude for December delivery added $2.66 in the week to reach $76.70 per barrel on Friday.

Video: Reuters Business Recap for the Week of August 27, 2007

Sun — Sun, 02 Sep 2007 12:34:27 +0000

Original Post on The Sun's Financial Diary

Video: Reuters Business Recap for the Week of August 27, 2007

A turbulent week ended on a up note Friday as investors reacted positively to the housing initiatives proposed by President Bush and comments made by Fed Chairman Bernanke. The week started with two days of sell-off as the Dow lost 337 points in the first trading session, but only to recoup most of the loss the next day when the index posted some 248 points gain. The upward revision of the second quarter GDP number failed to keep the momentum going on Thursday as the major indexes dropped again. The rally on Friday, though, was able to push the NASDAQ into positive territory.

For the week, the S&P 500 fell 0.4% to 1473.99, the Dow lost 0.2% to 13,357.74, and the NASDAQ gained 0.8% to 2596.36. Spot gold added $4.7 per ounce to end the week at 672.60. Crude oil rose $2.95 per barrel to conclude August at 74.04.

Video: Reuters Business Recap for the Week of August 20, 2007

Sun — Sat, 25 Aug 2007 18:02:49 +0000

Original Post on The Sun's Financial Diary

Video: Reuters Business Recap for the Week of August 20, 2007

The stock market’s recovery continued last week as the S&P 500 registered its biggest weekly gain since March. On Friday, US stocks got a boost from better-than-expected economic news. Durable goods orders for last month showed a strong gain of 5.9%, while new home sales increased an annual rate of 2.8%, according to the Commerce Department (Bloomberg.com). The average price of new homes, however, dropped 3.4% from a year ago (CNN.com).

For the week, the S&P 500 increased 16.87 points (1.2%), to 1,479.37, the Dow added 142.99 points (1.1%) to 13,378.87, and the NASDAQ gained 34.99 points (1.4%) to 2,576.69. Spot gold rose $10.57 to end the week at $667.90 an ounce and crude oil for September delivery was down 82 cents to close at $71.09 a barrel on Friday.

Video: Reuters Business Recap for the Week of August 13, 2007

Sun — Sat, 18 Aug 2007 19:30:18 +0000

Original Post on The Sun's Financial Diary

Video: Reuters Business Recap for the Week of August 13, 2007

What a week!

After three losing sessions early in the week, the stock markets made a huge comeback Thursday. At one point, the Dow was down some 340 point, only to finish the trading day 15 points lower from the previous session. the S&P even made to the positive territory with a gain of 5 points. The recovery continued Friday after a surprise rate cut from the Fed. Though the rate is not the one the Fed used to manipulate the growth of the economy, the fact that the central bank acknowledged the potential risk from the subprime crisis and pledged that it will “act as needed” helped to restore investors’ confidence and calm the markets.

For the week, the S&P 500 slipped 0.5% to 1,445.94, the Dow dropped 1.2% to 13,079.08, and the NASDAQ declined 1.6% to 2,505.03. Spot gold lost nearly $14 to end the week at $657.33 an ounce and crude oil for September delivery settled at $71.98 a barrel on Friday.

Video: Reuters Business Recap for the Week of August 6, 2007

Sun — Sat, 11 Aug 2007 15:29:52 +0000

Original Post on The Sun's Financial Diary

Video: Reuters Business Recap for the Week of August 6, 2007

The markets have gone through another roller coaster ride last week as subprime crisis deepened and other countries started to feel the pain of the fallout. Though the interventions from central banks eased investors’ nerve a little bit, the crisis is far from over. There are even predications that this could be the beginning of a recession.

Despite the huge selloff on Thursday, when all major indexes lost more than 2%, the past week came out as a winning week. For the week, the Dow gained 0.4%, the S&P rose 1.4%, and the NASDAQ added 1.3%.

Video: Reuters Business Recap for the Week of July 23, 2007

Sun — Sat, 28 Jul 2007 19:19:48 +0000

Original Post on The Sun's Financial Diary

Video: Reuters Business Recap for the Week of July 23, 2007

Video: Dow 14,000

Sun — Fri, 20 Jul 2007 03:08:52 +0000

Original Post on The Sun's Financial Diary

Video: Dow 14,000

Last time the Dow reached a milestone as April 25, 2007 when the index closed above 13,000 point for the first time. It took the benchmark 6 months and 5 days to go from 12,000 to 13,000. This time around, it needed only 2 months and 24 days to break through the 14,000 level.

Is it getting easier and easier to add 1,000 points to the index nowadays? Can we see 15,000 before 2007 is over?

Video: Reuters Business Recap for the Week of July 2, 2007

Sun — Sun, 08 Jul 2007 14:39:59 +0000

Original Post on The Sun's Financial Diary

Video: Reuters Business Recap for the Week of July 2, 2007

Video: Reuters Business Recap for the Week of June 25, 2007

Sun — Sun, 01 Jul 2007 15:43:29 +0000

Original Post on The Sun's Financial Diary

Video: Reuters Business Recap for the Week of June 25, 2007

Video: Reuters Business Week Recap

Sun — Sat, 23 Jun 2007 18:18:20 +0000

Original Post on The Sun's Financial Diary

Video: Reuters Business Week Recap

Sun — Sun, 10 Jun 2007 04:04:02 +0000

Original Post on The Sun's Financial Diary

Video: Reuters Business Week Recap

Sun — Sun, 03 Jun 2007 13:23:37 +0000

Original Post on The Sun's Financial Diary

Video: Reuters Business Week Recap