Sideways Tuesday

Stocks fell today 109 points, but everything else went sideways. Stocks were spooked by the increasing inflationary expectations, and the continuing fall in financials.

In the news today…..

The Producer Price Index (PPI) went up 1.4% in May. This was a larger than expected jump, but you naturally expected the jump due to energy price increases.

Output from factories fell 0.2% in May. This just shows the slowing economy.

New housing projects dropped 3.3%, it’s lowest level in 17 years. This is good news as we must produce much fewer new houses and NOT add to the already huge inventory of new houses.

Here are today’s numbers:
Dow Jones 30 Industrial - 12,160 (down 109 points)
10 Year Treasury Bond - 4.23% (down 0.02%)
Euro - $1.5516
Gold - $887 (up $1)
Oil - $134.01 (down $0.60)
Gasoline - $3.42 (down $0.02)

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This entry was posted on Tuesday, June 17th, 2008 at 5:57 pm and is filed under Markets. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.