As of today, February 16, more are more signs are leading towards a further declining market:
U.S import prices went up by 1.7% which was driven by increased prices for oil
Export prices increased 1.2% which was the largest jump since 1989.
The Reuters/University of Michigan index of consumer sentiment dropped to 69.6 which was the lowest it [...]
It was reported that over 17,000 jobs were lost last month. Most of the jobs were lost in construction, the mortgage industry and in real estate (no surprise there!). This doesn’t even include all of the real estate agents who are still technically employed with a broker but are not seeing any income [...]
On January 22, the Fed cut the benchmark interest rate by 3/4 of a point (now at 3.5%). This meeting came a week or so early from the next board meeting on January 29th. This was partially due to the panic that swept the globe on Monday when all foreign stock markets took a plunge.
What [...]
Not only are we skeptical of the government’s ability to stop our country from moving into a recession, but so is the rest of the world. Foriegn market stock indecies fell sharply today as a result of skeptism from foreign markets that President Bush’s stimulus is too little too late! This plan calls for a tax [...]