Unemployment Continues To Rise
The entire market moved mostly sideways today, with a downward bias in stocks, down 52 points.
Bonds fell in interest rates, and the bond market is discounting any possibility of change in the FED Funds Rate for the entire year of 2008. This would have been my prediction too, so it’s nice to see lots of money being bet in that direction too.
Oil was up a buck, and gasoline was tame. Gold fell $5, and the dollar strengthened slightly.
In the news today….
The Unemployment Rate increased from 5.5% to 5.7% in July. So far there have been 463,000 jobs lost in the US economy – not a pretty picture as July continues the trend of every month in 2008 has lost jobs so far.
Have a “happy, happy, happy” weekend.
Here are today’s numbers:
Dow Jones 30 Industrial – 11,326 (down 52 points)
10 Year Treasury Bond – 3.95% (down $0.03)
Euro – $1.5546
Gold – $918 (down $5)
Oil – $125.10 (up $1.02)
Gasoline – $3.08 (up $0.01)
