Thursday, May 14, 2009
Market Reflections 5/13/2009
In a setback for the economic outlook, retail sales proved weak for a second month. Accounts moved to safety, exiting the stock market where the S&P 500 fell 2.7 percent to end at just under 884. The dollar gained 1/2 cent against the euro to $1.3584 while Treasury yields fell 1 to 7 basis points in steepening trade. Oil fell back on demand concerns, ending down $1 to just under $58 despite big draws in weekly inventory data. Gold, benefiting from steady concern over financial-system risk, held firm ending at $926.