Weekend Linkage – November 16, 2008

Market Recap

Another volatile week on the Wall Street ended with all three major indices slipping deeper in red, despite the nearly 900 points turnaround of the Dow on Thursday. On Friday, electronic retailer Best Buy cut its annual profit forecast, sending the stock 14% lower, while Goldman Sachs dropped to its lowest level since becoming a public company on concerns that the investment bank will report its first ever loss. At the same time, GM is fighting for its survival as the automaker quickly burns out its cash. Investors speculating that GM will collapse if it fails to secure a government bailout traded the stock down to $3.01 a share, the lowest in more than 60 years.

For the week, the the Dow lost 5% to 8,497.31, the S&P 500 dropped 6.2% to 873.29, and the Nasdaq tumbled 7.92% to 1,516.85. Fear of a deep global recession also pushed crude oil price to $56.50/barrel, the lowest in 2 years, losing 7.44% for the week. Spot gold gained 1.14% last week to close at $742.65 an ounce, while silver went the other direction, losing 4.26% to $9.55/ounce.

Weekend Readings

brip blap: what desperation looks like It could be even worse when you DON’T have a job.

The Digerati Life: Is Your 401k Account Safe? Yes, I believe so, though the investments are not safe (from market fluctuations).

Frugal Dad: Stop Taking The Small Things for Granted Be thankful for what we have, large or small.

Generation X Finance: Investing for College Requires a Slightly Different Approach Compared to Investing for Retirement Depending one whether it’s a shorter or longer time frame.

Lazy Man and Money: Five Thoughts To My Future Children… Lazy, it’s a fun read

Million Dollar Journey: Top 4 Tax Free Savings Account Strategies Are you taking advantage of any?

Money Smart Life: Christmas Shopping Calendar – Dates to Save You Money I have marked my calendar!

My Dollar Plan: CVS: My Frugal Dream Come True! We have a CVS, but I almost never shop there. I like Wal-mart

No Credit Needed: Do Not Wait Until January 1st To Make Your Financial Resolutions I never had one

Mapgirl’s Fiscal Challenge: Cost-Benefit Analysis on Flu Shots at Work I never had one (flu shot, not flu) either.

Experiments In Finance: Recommended reading: a simplified explanation of the current financial crisis Simplified, recommended, but still quite long

Carnival Participation

114th Edition of the Festival of Stocks at Fat Pitch Financials

Festival of Frugality~The Veteran’s Day Edition at On a Quest To Be Debt Free

Cavalcade of Risk #64 at My Wealth Builder

Carnival of Consumer Credit #2 at Arrive Financial

37th Carnival of Money Hacks: Wonders of the World at Credit Crunch Finance