05 Feb 2010 A Better Week than the Market Suggests
Posted at 14:58h in The Friday BriefStocks around the world took a turn for the worse yesterday as debt concerns from the Euro–zone mounted and first-time unemployment insurance claims came in considerably higher than expected. Today’s good news on the overall unemployment rate slowed the market’s decline, but hasn’t stopped it. The S&P is now down 7.6% from its January 19th peak; however prices remain nearly 60% above their lows of March 2009. Alternatively, US Treasuries are rising. They gained yesterday as investors fled to quality amid uncertainty in Greece, Spain and Portugal. Three to seven-year Treasuries were up .6% to .8% and 7-10 year Treasuries were up .8% to 1%. Gold fell the most since 2008, with April futures losing 4.1% to $1,066.60 an ounce in New York. The metal is down 26% from its high in early December as inflation has failed to materialize.