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Economy

Economic Data (USA)

Friday, September 19, 2008

The NASDAQ and S&P 500 Advanced On The Week

The Dow Jones Industrial Average (DJIA) was the only one of the 3 major indexes to decline on the week. Merrill Lynch will be acquired by Bank of America, while Lehman Brothers filed for Chapter 11 bankruptcy protection. The federal government is taking a 79.9% equity stake in conglomerate American International Group (AIG) in exchange for a two-year, $85 billion loan.

Goldman Sachs and Morgan Stanley, the only two major independent investment banks left on Wall Street, are set to become bank holding companies.

Effective Monday, AIG will no longer be a component of the Dow Jones Industrial Average (DJIA); AIG will be replaced by Kraft Foods (KFT).

Treasury secretary Henry Paulson has asked Congress to support a plan aimed at stabilizing domestic and global markets in which the federal government would spend around $700 billion to purchase undesirable mortgage-backed securities and other toxic loans.

On the week, the price on New York Spot Gold increased by $108.10 (14.155%).

For the week, the DJIA shed 33.55 points (-0.294%), the NASDAQ Composite Index gained 12.63 points (+0.559%), and the S and P 500 Index added 3.38 points (+0.272%).


Summary of The U.S. Markets for Today:

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DJIA: Closed @ 11,388.44 (+368.75)

NASDAQ: Closed @ 2,273.90 (+74.80)

S and P 500: Closed @ 1,255.08 (+48.57)

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NYMEX Crude Oil Future closed @ $104.55/barrel

NY Spot Gold closed @ $871.80/ounce

In New York, The U.S. Dollar buys 0.6913 Euros

In New York, The Euro buys 1.4466 U.S. Dollars

The Federal Funds Target Rate is 2.00%

10-Year Treasury Note Yield is currently @ 3.769%

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