Friday, April 24, 2009

Market Reflections 4/23/2009

Markets showed little reaction to talk that Chrysler is preparing for bankruptcy and news that GM is closing down output for two months. But the headlines don't improve the economic outlook any. Neither do existing home sales which continue to scrape along the bottom. Weekly jobless data show a 12th straight rise in continuing claims. The S&P 500 ended 1.0 percent higher at 851.92. The day's run of earnings produced no surprises.

Strong economic data out of Europe did raise optimism there, pushing down the dollar which fell 1-1/2 cents to $1.3150 against the euro. Oil held just under $50 with gold edging over $900. Money moved into the Treasury market across the curve with the 3-month bill ending at a very tight yield of 9 basis points.

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