Happy Memorial Day
Stocks traded higher most of the day, but ended down abruptly at the close, ending down 15 points.
Bonds and the Dollar fell dramatically in value as the threat to downgrade the UK government bonds brought grief and worry to anything to do with the US government – like its currency and its bonds. Bonds have gained 0.25% in the past two days alone.
Oil and gasoline went sideways today at a high level with gasoline ended at a high for the Memorial Day holiday – thank you oil companies!!
Gold was a safe haven bid, and continued its recent surge upward. Go Gold!!!!!!! It’s now at $959/ounce – and all of you who are holding gold – think pleasant thoughts about it going through $975.
In the news today….
Happy Memorial Day!!!!!!!!!!!!
GM – borrowed an additional $4B from the Treasury. Kiss this money goodbye. GM is going into a bankruptcy, and guess who won’t get their money back – YOU, the taxpayer. Oh, by the way, they will get an additional couple of billion before the bankruptcy starts. Goodbye, bucks.
BankUnited of Florida – was closed by the FDIC yesterday, and opened again today, but the FDIC (that’s really YOU) lost about $4.9B in the deal.
Here are the last numbers for today:
Dow Jones 30 Industrial – 8277 (down 15 points)
10 Year Treasury Bond – 3.45% (up 0.10%)
Euro – $1.3998
Gold – $959 (up $8)
Oil – $61.67 (up $0.62)
Gasoline $1.84 (up $0.04)
