Snapshot October 24 2006

Snapshot October 24, 2006

Dow has managed to climb to record levels above 1200

Wall Street wobbled through a listless session and closed mixed Tuesday as investors awaited the results of this week's Federal Reserve meeting. Modest gains in the Dow Jones industrial average were enough for the index to set new trading and closing records.
The Fed's Open Market Committee began a two-day meeting Tuesday, and while many investors expected the central bank's policymakers to leave interest rates unchanged for the third straight meeting, there was still concern on the Street about the assessment of the economy to be issued Wednesday afternoon.
Wall Street's performance was in contrast to a big rally Monday, when the Dow surged 114 points to a record high close and other indexes posted big gains.
Steve Sachs, director of trading at Rydex Investments, contends that the run-up this month in the Dow and blue chip stocks in general has occurred too quickly to avoid a pullback. "There's probably good reason for the rally to at least pause here."
According to preliminary calculations, the Dow rose 10.97, or 0.09 percent, to 12,127.88, eclipsing the record close of 12,116.91 set Monday. The Dow also set a new trading high of 12,133.80, edging past a day-old record of 12,125.16 before giving back some of its gains.
Broader stock indicators ended the day mixed after spending much of the session lower. The Standard & Poor's 500 index was up 0.36, or 0.03 percent, at 1,377.38, and the Nasdaq composite index was down 10.72, or 0.45 percent, at 2,344.84.
Gas prices fall to lowest level in 2006
Oct. 23, 2006, 3:50PM
Houston Chronicle
© 2006 The Associated Press
WASHINGTON — The price of gasoline has fallen to its lowest level in more than 10 months.
The federal Energy Information Administration said Monday that U.S. motorists paid $2.21 a gallon on average for regular grade last week, a decrease of 1.8 cents from the previous week.
Pump prices are now 40 cents lower than a year ago and have plummeted by more than 80 cents a gallon since the start of August. The previous 2006 low for gasoline was set in the first week of January, when pump prices averaged $2.238. In the week ending Dec. 5, 2005, prices averaged $2.19.
Gasoline can be found for less than $2 a gallon in many parts of the country.
Gasoline prices were most expensive last week on the West Coast, averaging $2.46 per gallon, and cheapest in the Gulf Coast region, averaging $2.09 per gallon, according to the EIA.
The price of oil is down roughly 25 percent since a summertime peak above $78 a barrel, settling Monday at $58.81.
Average retail gasoline prices peaked at $3.07 a gallon last September, reflecting the extreme tightness in the market following hurricanes Katrina and Rita, which knocked out refineries in the Gulf region as well as pipelines that deliver fuel to the East Coast and Midwest.
They remained high all year amid soaring crude-oil prices, tight refining capacity and fears that there would be another extreme hurricane season this summer.
But as the outlook for economic growth began to look shaky, supplies grew and hurricane fears never materialized, a massive sell-off in gasoline futures began, sending oil futures lower as well.
Wholesale inflation in America plunged by the largest amount in more than three years
The Toranto Star
Oct. 17, 2006. 08:41 AM
ASSOCIATED PRESS

WASHINGTON — Wholesale inflation in America plunged by the largest amount in more than three years in September as a record drop in the cost of gasoline offset rising prices in a number of other areas.
The U.S. Labour Department reported that wholesale prices overall fell 1.3 per cent last month, nearly double the decline that analysts had been expecting. Gasoline prices plummeted 22.2 per cent, the biggest one-month decrease on record.
While the overall inflation performance was much better than expected, core inflation, which excludes energy and food, jumped by 0.6 per cent in September, the biggest increase in this area in 20 months. Much of that gain was due to a jump in new car prices, which had been falling previously because of the widespread use of attractive incentives aimed at moving a backlog of unsold cars.
A slowing economy will cut U.S. tax revenue growth from its surprisingly robust pace of the past year, but the federal budget deficit could still shrink a bit further in fiscal 2007, some economists say.
The administration credits its tax cuts for the improving economy, contending they helped the nation withstand the 2001 recession, the terrorist attacks, and corporate accounting scandals. The deficit narrowed sharply because revenues climbed by 11.8 percent, outpacing a 7.4 percent increase in spending. This continues a positive trend that comes despite soaring war costs and $50 billion in emergency spending for hurricane relief, they said.


US unemployment rate falls in Sept to match 5-year low
Published: Saturday, 7 October, 2006, 09:44 AM Doha Time

WASHINGTON: The US unemployment rate matched a five-year low last month and job growth in August was stronger than previously estimated, the Labour Department said yesterday.
The economy created 51,000 jobs in September, the department said in Washington. While that was fewer than economists predicted, it was offset by a 188,000 rise in August that was almost 50% bigger than the government previously reported.
The jobless rate unexpectedly declined to 4.6%.
Bonds fell and the dollar jumped as the reports alleviated concern the economy is slowing too quickly under the weight of a housing slump. The numbers also quelled speculation among some traders that the Federal Reserve will reduce interest rates in coming months. Stocks retreated.
“The message, with the revision included, is that the economy has good forward momentum,’’ said John Silvia, chief economist at Wachovia Corp in Charlotte, North Carolina. “Housing is definitely having an effect, but it’s not a crippling effect. Consumer spending won’t collapse. The Fed is on hold.’’
The report also showed job growth during the 12 months ended in March may have been about 45% higher than previously reported. In a preliminary estimate, the Labor Department said payrolls for the 12 months ended in March 2006 will be revised higher by 810,000, the biggest revision since the Labor Department started benchmarking numbers in 1991.
Currently, figures show 1.8mn jobs were added during that time. The final estimate will be issued in February.
Economists expected payrolls to rise by 120,000 last month following a previously reported increase of 128,000, according to the median estimate of forecasts in a Bloomberg News survey. Economists also projected a 4.7% unemployment rate.
“The big story is that the unemployment rate dropped, and that has to be a bit of a concern to the Fed,’’ said Ethan Harris, chief US economist at Lehman Brothers Holdings Inc in New York. “But until we see the housing market bottom out, they’ll probably be slow on the trigger and will leave rates alone.’’
The dollar posted the biggest gain against the euro since July, rallying to $1.2606 at 9.23am in New York, from $1.2694 late yesterday. The yield on the 10-year Treasury note rose 3 basis points to 4.64%.
Interest-rate futures show traders are pricing in a 24% chance the central bank will cut the fed funds target to 5% by the end of January. The likelihood was 30% before the statistics’ release.
“The economy is slowing, it’s not collapsing,’’ said Anthony Chan, chief economist at JPMorgan Private Client Services in New York and a former Fed economist. “There is no need to lower rates immediately.’’
Employment in service-producing industries, which include retailers, banks and government agencies, rose 62,000 last month after gaining 170,000 in August, the report showed.
Manufacturers shed 19,000 jobs last month. The manufacturing workweek fell to 41.1 hours from 41.3 in August and overtime fell to 4.3 hours. Builders added 8,000 jobs after adding 23,000 jobs in the prior month. Workers’ average hourly earnings rose 0.2% for a second month.
Economists expected a 0.3% increase in hourly wages. Earnings rose 4% from September 2005, matching the biggest gain in five years. Average weekly earnings rose to $569.19 last month from $567.84 in August.
Some Fed districts reported “scattered labour shortages and associated upward wage pressures,’’ the central bank said last month in its regional survey known as the beige book. – Bloomberg


Defying signs of a cooling of the US economy, joblessness sank in September to 4.6 per cent

Defying signs of a cooling of the US economy, joblessness sank in September to 4.6 per cent, the lowest level in five years, Washington reported Friday. The rate in August was 4.7 per cent.

The Department of Labor also reported that meanwhile the economy added 51,000 new jobs, the lowest monthly rise since October 2005. But at the same time, it corrected upwards, to 188,000, the number of new jobs in August, the highest rise in six months.

 

and .................. Zero Hurricanes.


Damn that George Bush.

 

I wonder what the snapshot will look like in 2012?

 

Mystery buyers
October 24th, 2006

Is the Plunge Protection Team at it again? Does that account for Dow 12,000 as the midterm elections approach?

 

And now for the FIRST TIME IN HISTORY. Dow has managed to climb to record levels above 1200

Looks like the PPT must be doing one hell of a job. :lol:

 

Unemployment rate lowest in nearly 5-1/2 years

WASHINGTON (Reuters) - The U.S. unemployment rate fell to a 5-1/2 year low in October as 92,000 jobs were added and hiring in the two prior months was revised up, the government said on Friday, leading financial markets to slash bets on interest-rate cuts.

A rosier-than-expected job picture, days before next Tuesday's congressional vote in which ruling Republicans are considered at risk of losing control, caused rejoicing among President George W. Bush's party but Democrats countered that most Americans still say household budgets are under pressure.

While the Labor Department said 92,000 jobs were added in October, fewer than the 125,000 Wall Street analysts had forecast, it also said hiring in September and August was far more vigorous than first thought.

It revised up September's job-creation total to 148,000, or nearly three times the 51,000 it reported a month ago, and said there were 230,000 new jobs in August instead of 188,000.

The unemployment rate fell in October to 4.4 percent from 4.6 percent in September. It was the lowest jobless rate since 4.3 percent in May 2001.

 

Stocks fall moderately after election

 

Way to get everyone hyped up right before the big bust.

 

Ok time to watch it unfold the Dems are going to increase regulation. (You know like in California causing rolling power outages) as a direct result business, market, income will suffer. Tax revenues will decrease and then the Dems will say the only solution is to raise taxes and that its all the Republicans fault. Of course when they do you can scroll down the page and see where the actual truth is that the U.S. when the Republicans left the stage had increased tax revenue by lowering taxes.

Treasury's Paulson: 'Excessive Regulation' Slows Economy

Monday, Nov. 20, 2006 1:22 p.m. EST
Treasury's Paulson: 'Excessive Regulation' Slows Economy


U.S. Treasury Secretary Henry Paulson said Monday that the benefits from regulating business activity must be balanced against the costs if the U.S. economy is to stay competitive and generate more jobs.


"Excessive regulation slows innovation, imposes needless costs on investors and stifles competition and job creation," Paulson said in prepared remarks for delivery to the Economic Club of New York.


He singled out Sarbanes-Oxley rules that were imposed in the wake of corporate scandals including the collapse of Enron Corp. While new laws to amend Sarbanes-Oxley were not needed, it should be applied flexibly to reduce the costs for compliance, especially for small businesses, Paulson said.


A text of Paulson's remarks was issued in Washington.


The U.S. Treasury chief, a former chairman of Wall Street giant Goldman Sachs, said U.S. capital markets remained "the deepest, most efficient and most transparent in the world." But he cited some reasons for concern.


"Recently, in the wake of new, heightened regulatory and listing requirements for all public companies in the U.S., we have witnessed changes in IPO (initial public offering) activity," Paulson said. He said IPO dollar volume "is well below the historical trend" and more public companies are going private instead of remaining as publicly listed, shareholder companies.


"This is occurring in record numbers, at record volumes and, as a percentage of overall public company M&A (mergers and acquisition) activity, is approaching levels we have not seen in almost 20 years," Paulson said.


(c) Reuters 2006. All rights reserved.

 

My god man have you not figured it out yet? You can post this shit all day long it's futile. You will change no ones mind!

Changing someones political beliefs is about as hard as teaching Dan Quail how to spell.....

 

I think he is saying, "Mo' naked hoes".....

 

:lol:

 

Don got no stinkin naked ho's

How about a catholic school girl in a short skirt showing some panty?

 

Is that suppose to bother me Joe? I posted the fucking picture. So I doubt I'm ashamed of it. Hell I ran down the street in a pair of cowboy boots & hat for 50 bucks.

Shame is for Right wing Christens and republicans. Which as of late it seems they have nothing on me when it comes to the kink department.

 

and a late season onslaught of hurricanes too.


Only seven shopping days left in the '06 season. Better hurry.

 

I'll pay ya five to post pics of you wearing that same outfit to the mall during the Thanksgiving shopping spree.

 

I would do it for free if I weren't working. How about I pay you 10 to wear the outfit out Friday?

 

Oh hell no! It's just not my style.

 

STOP IT!! You're totally ruining my school girl fetish! I may need to download some Asian porn to clear my head.

 

I know an Asian lady that might be able to fulfill your lustful desires. PM me and I'll pass along the number.

Here is a recent picture. Not much for looks, but she has the experience to make up for it.