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 10,329 and, on Monday, the market rose 85 points.
- On Tuesday, the Dow Jones Industrial Average jumped 51 points.
- On Wednesday, the Dow Jones Industrial Average drifted up 2 points.
- On Thursday, the Dow Jones Industrial Average increased 54 points and closed the week at 10,520.
- On Friday, the markets were closed for Christmas.
- Ford Motor Co. has offered buyout packages or early retirement incentive packages to its 41,000 hourly employees as part of its plan to reduce its workforce.
- In an effort to cut costs, Yahoo announced that it would require most employees to take off the last week of the year.
- American Greetings reported that it would close a plant in Michigan and eliminate 225 jobs.
- A recent poll of unemployed workers conducted by the New York Times and CBS News confirmed that the workers and their families are experiencing major life changes, mental health issues, financial hardships and emotional havoc.
- The American economy grew at a 2.2% rate in the third quarter of 2009.
- The U.S. Senate passed a health reform package.
- Moody’s Investors Service recently placed $143 billion of jumbo-mortgage loans under review for possible downgrade. Jumbo-mortgage loans are large loans that Freddie Mac and Fannie Mae are not allowed to finance.
- Many states are struggling to make ends meet as revenues continue to fall below expectations. Additional cost-cutting and/or higher taxes appear inevitable.
- The United States is facing a growing shortage of nurses. The problem is expected to become more acute as people live longer and the population grows older.
- California, New York, Michigan, Illinois, Ohio, New Jersey and Florida were the states that lost the greatest number of residents in the fiscal year ended July 1, 2009.
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.