Weekend Linkage – December 7, 2008
Market Recap
You can never underestimated what one piece of good news can do to the market on a day that was supposed to be very bad.
Last Friday, the government said more than half a million people lost their jobs, the most in 34 years, and monthly unemployment rate jumped to 6.7%, the highest since 1993. However, the news failed to sink stocks. Instead, indices rallied to finish off after Hartford Financial Services (HIG), whose stock lost 92% of its value in 2008, said it has increased its profit forecast (Bloomberg). But the rally failed to save the week for stocks because there were plenty of bad news out there. For example, GM tumbled another 22% on speculation of its survival and energy shares fell hard as crude oil price dropped more than 25% in one week.
For the week, the Dow Jones lost 2.19% to 8,635.42, the S&P 500 decreased 2.25% to 876.07, and the Nasdaq declined 1.71% to 1,509.31. Crude oil closed at $40.81 a barrel, 25.02% less than a week ago and gold was down 8.34% to $752.05 an ounce and silver eased 8.87% to $9.395/ounce.
Weekend Readings
why you’ll be richer without kids @ Brip Blap
Got Laid Off? What To Do When You Lose Your Job @ The Digerati Life
LED Christmas Lights Offer Safer, Cheaper Alternative @ Frugal Dad
Prepare for an Increase in Mutual Fund Expense Ratios @ Generation X Finance
Save Big Bucks on Ebay with Microsoft Live Search @ Lazy Man and Money
Reduce your Taxes by Claiming your Capital Loss @ Million Dollar Journey
Save Money at Restaurants – Tips for Spending Less When Eating Out @ Money Smart Life
Roth IRA Q & A @ My Dollar Plan
45% Less Credit in Americans’ Wallets @ Consumerism Commentary
Schwab Bank Invest First Visa Card Now 2.0% Cashback, Sweet! @ Personal Finance Reviews
10 Steps To Escaping The Paycheck To Paycheck Cycle @ No Credit Needed
Track and Lower Expenses to Save Money @ Money Ning
Finally, Ben at Money Smart Life is hosting a hosting a small business contest which will give one lucky small business owner $200 cash plus other prizes. Check out the how to apply for the small business stimulus package. If you are a service provider, you can also offer a prize.
