Monday, August 11, 2008
On the Up!!
The week ended with big gains thanks to a decline in oil prices and good strength in the dollar. The Dow added 302.89 points to close the session at 11,734.32. The SPX gained 30.25 points to close at 1,296.32. The big rise prevented us getting a play on.
Crude futures for the September delivery fell $4.82 a barrel to a price of $115.20, putting the decline for the week at nearly 8 percent. Crude prices are down 20 percent from the highs they hit last month near $147. The fact the dollar continues to see strength has led to weakness for crude and this has benefited stock prices as well with all the indexes up this week.
Traders are definitely feeling more confident with oil prices falling so sharply, although oil does remain elevated compared to just a year ago. Nonetheless, after such disappointing news on housing, energy and the jobs market this year, any good news is getting attached with buying!!
Until next time.
Crude futures for the September delivery fell $4.82 a barrel to a price of $115.20, putting the decline for the week at nearly 8 percent. Crude prices are down 20 percent from the highs they hit last month near $147. The fact the dollar continues to see strength has led to weakness for crude and this has benefited stock prices as well with all the indexes up this week.
Traders are definitely feeling more confident with oil prices falling so sharply, although oil does remain elevated compared to just a year ago. Nonetheless, after such disappointing news on housing, energy and the jobs market this year, any good news is getting attached with buying!!
Until next time.
# posted by Paul @ 7:11 AM 
