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Economic Data (USA)

Friday, October 03, 2008

All 3 Majors Declined On The Week Despite Passage of Bad-Debt Bailout Bill and Cheaper Crude Oil

All 3 major indexes declined on the week despite the creation of a new law that will permit the federal government to spend hundreds of billions of taxpayer dollars buy Wall Street's bad debt, and cheaper crude oil. The week's economic reports added credibility to the notion that the U.S. is currently in recession.

For the week, the DJIA shed 817.75 points (-7.339%), the NASDAQ Composite Index lost 235.99 points (-10.809%), and the S and P 500 Index fell by 113.78 points (-9.38%).

Summary of The U.S. Markets for Today:


DJIA: Closed @ 10,325.38 (-157.47)

NASDAQ: Closed @ 1,947.39 (-29.33)

S and P 500: Closed @ 1,099.23 (-15.05)


NYMEX Crude Oil Future closed @ $93.88/barrel

NY Spot Gold closed @ $834.80/ounce

In New York, The U.S. Dollar buys 0.7261 Euros

In New York, The Euro buys 1.3772 U.S. Dollars

The Federal Funds Target Rate is 2.00%

10-Year Treasury Note Yield is currently @ 3.644%

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