The equity markets all rallied this week led by the NASDAQ [COMP  Loading...      ()   ] up over 3%, the S&P up over 2.5% and the Dow up almost 2% led by energy and tech.  The NASDAQ gains were driven by Intel [INTC  Loading...      ()   ] up almost 7% on the week and responsible for 8 points of the NASDAQ 100's weekly gain, Cisco [CSCO  Loading...      ()   ] up over 4% for the week and responsible for over 5 points of the NASDAQ 100's weekly gain.

-S&P 500 gains for the week were fueled by oil and tech with Exxon Mobil [XOM  Loading...      ()   ] having the most positive impact on the S&P followed by Intel, AT&T, [T  Loading...      ()   ] Chevron [CVX  Loading...      ()   ] and Cisco.




The S&P 500 sectors were all up this week led by the Materials sector bolstered by Temple-Inland's [TIN  Loading...      ()   ] almost 20% for the week, and no surprise, followed closely by Energy and Information Technology. 



Commodities are all about oil this week with crude hitting a new record close of $126.29 per barrel and a new intraday high of $127.82 on Friday as Saudi Arabia sees no reason to increase oil production until customers demand it, and Goldman Sachs hikes its crude oil average to $141 per barrel for the second half of the year, and to $149 per barrel early next year.



The U.S. Dollar loses ground against most major currencies on weak consumer sentiment and a spike in crude oil prices.  Some experts feel that the dollar is so oversold it could experience a solid short term rally, especially if high energy prices and inflation concerns move the Fed to raise interest rates.
 

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