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Economy

Economic Data (USA)

Friday, March 21, 2008

All 3 Majors Advanced On The Week

Each of the 3 major indexes enjoyed strong gains on the 4-day trading week. Wall Street was expecting the Fed to cut short-term rates by 100 basis points on Tuesday, but the FOMC opted instead for 75. The shallower-than-expected cut to interest rates helped to strengthen the dollar and caused commodities like gold and crude oil to decline. For the week, crude oil for future delivery fell by $8.37 (7.595%) to close at $101.84 per barrel, while New York Spot Gold declined by $92.40 (9.217%) to finish at $910.10 per ounce.

For the week, the DJIA gained 410.23 points (+3.433%), the NASDAQ Composite Index gained $45.62 (+2.062%), and the S and P 500 Index added 41.37 points (+3.212%).

Summary of The U.S. Markets for Today:

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DJIA: Closed @ 12,361.32 (+261.66)

NASDAQ: Closed @ 2,258.11 (+48.15)

S and P 500: Closed @ 1,329.51 (+31.09)

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NYMEX WTI Crude Oil Future closed @ $101.84/barrel

NY Spot Gold closed @ $910.10/ounce

In New York, The U.S. Dollar buys 0.648 Euros

In New York, The Euro buys 1.5432 U.S. Dollars

The Federal Funds Target Rate is 2.25%

10-Year Treasury Note Yield is currently @ 3.328%

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