Tuesday, August 11, 2009
Market Reflections 8/10/2009
Action was quiet Monday ahead of what promises to be a busy week that includes an FOMC statement, retail sales, consumer prices, and industrial production. Stocks ended little changed with the S&P holding over 1,000. Dollar buying extended into Monday's session after Friday's better-than-expected jobs report continues to raise talk of rising U.S. interest rates. The dollar index rose 0.4 percent to 79.24. There wasn't much action in commodities though copper did hit a 2009 high at $2.82/lb before backing off to $2.75. Many are saying copper, which has nearly doubled this year on strong Chinese buying, is the commodity headliner of the year. Oil ended steady at $71 with gold also steady at $945.