There have been various developments over the past several weeks which investors may consider relevant in allocating their resources or evaluating alternatives that are available to them. Some of the more significant developments include, but are not limited to, the following:
- The Dow Jones Industrial Average opened the week at 10,389 and, on Monday, the market rose 1 point.
- On Tuesday, the Dow Jones Industrial Average fell 104 points.
- On Wednesday, the Dow Jones Industrial Average rebounded up 51 points.
- On Thursday, the Dow Jones Industrial Average jumped 69 points.
- On Friday, the Dow Jones Industrial Average rose 66 points and closed the week at 10,472.
- New claims for unemployment benefits jumped more than expected to 474,000 last week.
- In a recent survey, more CEO’s of America’s largest companies expected to cut their work forces than expected to expand their work forces.
- Consumer borrowing has fallen for nine straight months.
- The value of homes in America has plunged by an estimated $500 million in 2009. This is a significant improvement from 2008 when homes dropped an estimated $3.6 trillion in value.
- Retail sales jumped 1.3% in November.
- A Tennessee investment manager was sentenced to 14 years in prison for his role in a $33 million Ponzi scheme.
- USA Today reported that only 1,487 out of approximately 16,000 direct investors in the Madoff Ponzi scheme have received any payment to reimburse them for their losses.
- The Securities and Exchange Commission has expanded its probe into Bank of America’s acquisition of Merrill Lynch and intends to “vigorously” pursue charges against Bank of America.
- The adoption of a national sales tax is picking up support from many economists and political figures.
- The Air Transport Association expects that there will be 1 million fewer fliers this holiday season than last.
- A recent CNN poll found that approximately 50% of Americans plan to spend less on holiday gifts this year than they did last year.
- The U.S. House of Representatives has passed a financial reform package which is generally opposed by Wall Street. Of course, that’s nothing new; Wall Street generally opposes financial regulation aimed at protecting the American public.
- Banking regulators closed three more banks this week. The total number of banks closed this year now stands at 133.
Page Perry’s Market Monitor is published periodically to give investors an overview of certain recent developments impacting the economy and/or the investment markets.