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Waiting on Further Confirmation of Recovery
No significant data comes out Monday but the rest of the week should bring further confirmation that the economy turned a corner as the third quarter began in July. Thursday’s retail sales report is expected to show a broad rebound led by the “cash for clunkers†car-buying program that buoyed spirits in the last week of the month.rnrnConsumer sentiment is also expected to increase, while jobless claims and inflation each moderate. All in, the week ahead should bring further optimism to the markets.
Mid-Day Recap: Shrinking Job Losses Spur Market Gains
Buoyed by the first reversal in the unemployment rate in 15 months, markets are up more than 1% on Friday, which will give the benchmark S&P 500 its fourth consecutive weekly gain.rnrnJust after 10:30 am, the Dow is leading all indexes with a 1.10% advance to 9,358, while the S&P is trading 1.06% higher at 1,008, and the Nasdaq is up 1.03% to 1,994. Today’s gains follows two days of small-scale sell-offs, but since Monday the Dow and S&P are up a little more than 2%, while the 5-day gain in the Nasdaq is 0.75%.
Fannie Sees Eighth Straight Quarterly Loss, Requests More Rescue Funds
Fannie Mae posted a net loss of $14.8 billion in the second quarter, following up on a deficit of $23.2 billion from the first three months of the year, it was reported Thursday. Taken together, the two quarters have created a hole so large that the government-sponsored mortgage lender will have to fill it by a third round of rescue funds from the Treasury.
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