Record Jobless Claims
Stocks fell today as the auto industry bailout stalled in Congress. Bonds sort of went sideways.
The big mover today was a massive fall in the value of the Dollar against everything except the Yen. The traders are beginning to believe that the Dollars are being printed too many, too fast, and it will reflect on the future value of the Dollar. Also, some traders believe the Dollar has risen too far, too fast, and is due for a correction. Either way, the Dollar is falling.
Oil and gasoline rose big time today as expectations rose for OPEC to significantly reduce the supply of oil.
Gold continued its rise, closing up $18/ounce.
In the news today….
Jobless claims rose to 573,000 last week. This is a record high number for the past 26 years. This number reflects the very negative consequences of the recession.
The US Trade Deficit rose (unexpectedly) to $57.2B for October. The falling oil price was supposed to make this number decline, but the fall in US exports more than compensated. Chinese imports rose to $28B, and this continues to be a major problem for the US.
Here are Today’s numbers:
Dow Jones 30 Industrial – 8565 (down 196 points)
10 Year Treasury Bond – 2.65% (down 0.04%)
Euro – $1.3355
Gold – $827 (up $18)
Oil – $47.98 (up $4.46)
Gasoline – $1.08 (up $0.11)
