By the Numbers

Market 360: A weekly wrap up of the US equity markets, commodities, currencies, and more

For the week ending Friday, April 4, 2008 the US Markets all ended the week up over 3% or more holding on to the gains from Tueday's big rally. This is the third consecutive week of gains for the NASDAQ , something it has not had since October of last year. The Markets soared over 3% on Tues and had their best open to a second quarter since 1938. The Dow and NASDAQ Composite had their third best day of 2008, closing up 391.47and 83.65 points respectively. The S&P 500 had the second best point gain of 2008 as it closed up 47.48 points. The rally cooled on Wed with Fed Chairman Bernanke's congressional testimony that suggested arecession in US was likely.

-Markets appear to have shrugged off a negative jobs report and jobless claims, looking towards another Fed Rate cut with lower inflation.
  • Economic Data:
    • Bernanke testified to the Joint Economic Committee that a slowdown may be in the works for the US economy for the first half of 2008 and used for the first time the term "recession".
    • Non-farm payrolls fell by 80,000, worse than expected. This was in complete contrast to the ADP numbers that reported an increase of 8,000 jobs in March.Weekly jobless claims jumped to 407,000, the worst reading since Hurricane Katrina. The unemployment rate jumped to 5.1 percent from 4.8 percent.
  • Despite a reading in the ISM Manufacturing Index indicating economic contraction