An oversold rally sends stocks sharply higher. Dow is up 150, advancers lead decliners better than 2-1 & NAZ is up 30. Pretty good, but not that impressive. Oil continues to dominate news, but his time it pulled back 3½ to 133 on a stronger dollar. The Commerce Dept reported retail sales rose 1% in May (aided by tax rebate checks), double estimated increase & the biggest gain in 6 months. My friend doesn't believe it, so I have to keep telling her that's the idea behind tax rebate checks. However, last week jobless claims jumped 25K to 384K (400K is considered one definition of a recession).
Lehman (LEH) shook up management after all the ugly news we've gotten in recent days. Just 3 months ago it was in the 60s, today 23. Thornburg Mortgage (TMA), reported a 3+B loss for the last quarter. Their stock is 71¢ (the price, not down 71¢). They are lucky or very skilled to have remained alive this long. Major financials own billions of their debt. The bid for Anheuser Busch (BUD) was big & bullish for the markets, but now politicians may block it. They are running for elections & are afraid it may cost US jobs. Maybe that's a sign how even good things can go sour.
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