By Bob Englehart, The Hartford Courant
Saturday, October 28, 2006
- DJIA gained another 87.89 this week, 0.73% to 12,090.26. Nice little rally we've got goin'.
- Nasdaq Composite picked up 8.32, 0.36% to finish at 2,350.62.
- S & P 500 gained 8.74, 0.64% to close the week at 1,377.34.
- 10-year Treasury yield dropped 0.106 percentage points to 4.681%.
- Crude oil was up $1.42 this week, 2.39% and was up above $60 Friday at $60.75.
Sunday, October 22, 2006
Friday's Wall Street Journal (paid subscription) included a front-page story about the rise in conservatism on one of the nation's most liberal college campuses.
The growth of the Berkeley College Republicans at one of the nation's most liberal campuses echoes some broader political trends. At Berkeley, while leftist students still dominate and outnumber conservatives, the liberal groups have splintered and are now spread across factions from the Cal Democrats to the International Socialist Organization to groups formed to oppose the war in Iraq. At the same time, several faculty members say, there are more conservative-leaning students than in the past, propelled by swells of patriotic feeling after events like Sept. 11 and an increase in the number of religious student groups.While this is all very encouraging, should it really be front-page news that astute, rational thinking is taking place on a college campus?
Saturday, October 21, 2006
- DJIA rose a respectable 41.86 points, 0.35% and closed Friday at above 12,000 at 12,00237.
- Nasdaq Composite lost 14.99 or 0.64% to finish the week at 2342.30, down 0.64%.
- S & P 500 gained a mere 2.98 points, 0.22% and closed yesterday at 1368.60
- 10-year Treasury yield fell 0.018 percentage points to finish at 4.788%.
- Crude oil dropped $1.75 to $56.82/barrel. I paid $2.44/gallon for regular yesterday, the lowest in quite a while and pretty darn good for California.
When I started my career as a stock broker with Morgan Stanley in January of 1995, the DJIA stood around 4,000. Over the course of the next few years the "thousands" fell pretty quickly. Five thousand came just before my first anniversary, 6,000, 7,000, 8000 and the rest all came pretty regularly. When the Dow reached 11,000 in the fall of 1999, there was no reason to think that 12,000 wouldn't be right around the corner. No one suspected that it would take seven years.
What's next? Well, that's anybody's guess and I doubt we'll ever experience anything like the late 90's again. But as we celebrate 12,000, I'm reminded of those days. They sure were fun.
Sunday, October 15, 2006
- DJIA rose a respectable 110.30 points, 0.93% and closed Friday at 11,960.51. Flirtin' with 12,000.
- Nasdaq Composite 57.30 points, a really healthy 2.49% and finished off the week at 2357.29..
- S & P 500 was up 16.04 for the week, a 1.19% gain, and closed at 1365.62 Friday.
- 10-year Treasury yield increased 0.106 percentage points to 4.806%. It was a pretty lousy week for treasuries but if you're looking to refinance that ARM, 10-year Treasury yields will be under 4.50% by spring.
- Crude oil fell another $1.19 in spite of a rally Friday. Down 1.99% to $58.57.
Monday, October 09, 2006
Saturday, October 07, 2006
- DJIA rose a health 171.14 points, 1.47% and closed Friday at 11,850.21. New records.
- Nasdaq Composite gained 41.56 points, 1.84% and finished off the week at 2299.99.
- S & P 500 was up 13.73 for the week, a 1.03% gain, and closed at 1349.58 Friday.
- 10-year Treasury yield increased 0.063 percentage points to 4.700%.
- Crude oil fell $3.15, 5.01% to $59.76.
The September jobs report was weak on the surface as new job creation was half the forecast. But the report also contained healthy upward revisions for the previous two months. The bond market paid more attention to the revisions and prices fell on Friday. It took the steam out of a nice rally in stocks as well.