Dow was up 121 with a very strong close in the last hour, but decliners over advancers almost 3-1 & NAZ was little changed. Dow took a drubbing this week, down 245 (erasing much of the prior Friday's big gain). NYSE volume continues light as traders await news from DC. S&P 500 FINANCIALS INDEX took the uncertainty in DC pretty well, up 9 although some of the more fragile banks got hammered hard on nervousness about their futures. The 2 banks in my Yahoo badge on the right, BAC & USB, had nice gains. The Dow Jones REIT Index rose 5½, ending the week on a positive tone after a sharp sell-off on Mon.
S&P 500 FINANCIALS INDEX
Value...285.64__ Change...+9.04__ % Change...+3.3%
Market Snapshot: U.S. stocks poised for weekly losses on bailout uncertainty
Oil was down 1 to 106 & gold pulled back from earlier highs ended up only 5. It had been up 38 earlier on word that talks for the bailout plan had stalled.
Macro economic news keeps coming. The annualized growth rate in Q2 for GDP was revised down from 3.3% to 2.8% better reflecting the gloomy economics reported elsewhere.
2Q GDP growth revised down to 2.8% from 3.3%- Reuters
Not much else to say. The whole world is watching DC awaiting the outcome of the talks on the bailout package (hate to use the word plan). Chances are very good one will be hammered out by Sun evening before Asian markets open Mon trading. I have my doubts but am hoping for the best!
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