Thursday, September 04, 2008
Going Nowhere
Wednesday saw a lot of movement but ended up fairly flat. The Dow gained 15.96 points to close at 11,532.88. The SPX declined 2.60 points to finish on 1,274.98. We are in the green and looking good. Attempts have been made to close the play but we are not getting 5 cents yet!
Crude prices fell 36-cents on the session for their fifth straight loss to a price of $109.35. A stronger dollar has pushed energy prices lower, but now traders are worried that economic slowing is a major reason for the decline in commodity prices.
In economic news, the Challenger Job Cut report showed that 88,736 job cuts were announced in August. This was down from 103,312 in July, but is still a fairly high figure and doesn’t bode well for the employment data due out Friday.
The Fed Beige Book showed that there continues to be slowing in the economy with districts reporting tighter lending standards. Manufacturing also remained a concern with pricing pressures remaining elevated as well. Though this isn’t likely to convince the Fed to hike rates yet, analysts on CNCBC were saying that it might push them closer to this decision.
Until next time.
Crude prices fell 36-cents on the session for their fifth straight loss to a price of $109.35. A stronger dollar has pushed energy prices lower, but now traders are worried that economic slowing is a major reason for the decline in commodity prices.
In economic news, the Challenger Job Cut report showed that 88,736 job cuts were announced in August. This was down from 103,312 in July, but is still a fairly high figure and doesn’t bode well for the employment data due out Friday.
The Fed Beige Book showed that there continues to be slowing in the economy with districts reporting tighter lending standards. Manufacturing also remained a concern with pricing pressures remaining elevated as well. Though this isn’t likely to convince the Fed to hike rates yet, analysts on CNCBC were saying that it might push them closer to this decision.
Until next time.
# posted by Paul @ 4:47 AM 
