The equity markets end a strong week fueled by earnings, and the Dow breaks through February highs and a key resistance level. Google alone, gaining close to 20% today, was responsible for over 3 points of the almost 25 point gain in the S&P 500, and over 24 points of the NASDAQ 100's almost 60 point gain Friday.
The S&P sectors were all positive for the week led by Energy up almost 8% for the week on record energy prices, and followed closely by Technology up over 6% for the week.
-Year-to-date the top performing sectors are Materials followed by Energy.
-Telecom is currently the worst performing sector in 2008 dragged down by Sprint Nextel down over 49% and Qwest down over 32% YTD.
The equity markets end a strong week fueled by earnings, and the Dow breaks through February highs and a key resistance level. Google alone, gaining close to 20% today, was responsible for over 3 points of the almost 25 point gain in the S&P 500, and over 24 points of the NASDAQ 100's almost 60 point gain Friday.
Commodities are all about oil and grains this week. Oil hits a new closing record close of $116.69 on supply threats from Nigeria on Friday, and gas, diesel and natural gas are all at record levels.
-Riots are happening around the globe from Haiti to Indonesia, over rice trading at record levels due to bad harvests and record fuel costs. The cost of food will top the U.N. agenda at its meeting in Switzerland later this month.
-Rice is up over 70% in 2008.
Ed Yardeni states,"The biggest risk to the global boom presently is that commodity prices might continue to super-spike as panic hoarding spreads from rice to other grains, and even to metals."
The equity markets end a strong week fueled by earnings, and the Dow breaks through February highs and a key resistance level. Google alone, gaining close to 20% today, was responsible for over 3 points of the almost 25 point gain in the S&P 500, and over 24 points of the NASDAQ 100's almost 60 point gain Friday.
The dollar gains against most major currencies on strong US earnings news. The signs of renewed confidence in the US economy and financials could continue to strengthen the dollar next week as earnings season continues.
-The dollar index is up about 0.22% for the week.