Happy Memorial Day
There is no doubt now. This was a down week for stocks. And, and up week for oil, gasoline, gold, and non-dollar currencies.
Bonds just moved sideways.
Happy Memorial Day. There will not be an economyguy on Monday.
In the news today….
The inventory of Unsold Homes is currently 10.7 months worth of homes. Sale of existing homes dropped 1% in April, to 4,900,000 sales. The median price of existing homes fell 8% to $202,300 since last year.
One economist made the calculation that 80% of the IRS rebates (the US stimulus package) will be eaten up by the increase in the oil / gasoline / energy price increases. This means we printed money, and sent it to the oil companies of the world. It also means that the rebates should not have much of an impact on the US economy.
Here are today’s numbers:
Dow Jones 30 Industrial – 12,480 (down 146 points)
10 Year Treasury Bond – 3.83% (down 0.09%)
Euro – 1.5774
Gold – $926 (up $8)
Oil – $132.19 (up $1.38)
Gasoline – $3.40 (up $0.07)