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 10,471 and, on Monday, the market rose 30 points.
- On Tuesday, the Dow Jones Industrial Average fell 49 points.
- On Wednesday, the Dow Jones Industrial Average sunk 11 points.
- On Thursday, the Dow Jones Industrial Average dropped 133 points.
- On Friday, the Dow Jones Industrial Average rose 21 points and closed the week at 10,329.
- Better news on the unemployment front. Unemployment rates actually DECREASED in 36 states in November. Nonetheless, unemployment rates are still above 10% in 14 states.
- Home Depot Supply announced plans to consolidate 25 branches and eliminate 350 jobs.
- A recent CNN survey of over 1,000 Americans revealed that almost 84% of those surveyed believe that the economy is still in a recession. Furthermore, approximately 39% believe that things are continuing to get worse.
- Mark Zandi of Moody’s Economy.com expects foreclosures to reach 1.9 million next year and remain high for a long time.
- Steel maker ArcelorMittal announced that it intends to eliminate an unspecified number of jobs next year.
- Hedge fund founder Raj Rajaratnam was indicted on insider trading charges.
- The International Air Transport Association predicts that airlines will lose $5.6 billion next year.
- AT&T has been sued by employees seeking to recover overtime pay that was wrongfully denied them.
- CNBC reported that returns on high-grade municipal bonds have been as high as 11.5 to 13% during 2009.
- According to published reports, approximately 1.7 million homes are facing foreclosure this fall.
- The U.S. Postal Service reports that holiday mailings are off approximately 11% this year.
- A Massachusetts financial adviser, Stephen Clifford, has been accused of stealing $4.3 million from approximately 20 clients.
- More Americans are remaining close to home this holiday season.
- Seven more banks were closed this week by government regulators bringing the number of banks closed this year to 140.
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.