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WEEKLY QUOTE
“A
friendship founded on business is better than a business founded on
friendship.”
- John D. Rockefeller
WEEKLY TIP
If
you are 60 now, there is a reasonable chance that you may live into your
eighties or nineties. So with longevity in mind, plan retirement with wealth
accumulation and wealth protection in mind.
WEEKLY RIDDLE
Two
sailors stand at opposite sides of a boat. One looks west and the other looks
east – and yet, they are both able to see each other clearly. How can this
be?
Last week’s riddle:
It can be told and made, and cracked and played – and yet, it is
only spoken. What is it?
Last week’s answer:
A joke.
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July 2,
2012
MARKETS RALLY ON BOLD EU PROPOSAL
Last
week, European leaders crafted a new plan to help the continent’s beleaguered
banks: eurozone rescue funds would be used to directly recapitalize troubled
lenders, without contributing to existing sovereign debt. A single
supervisory body would also be created to serve as a banking watchdog. Key
details need to be ironed out, but Wall Street loved the news – the Dow
gained 278 points Friday.1
HEALTH CARE REFORMS
(LARGELY) STAND
In
a 5-4 vote last week, the Supreme Court upheld the individual insurance
mandate within 2010’s Affordable Care Act. In the majority opinion, Chief
Justice John G. Roberts, Jr. characterized the mandate as a tax permitted under
the Constitution. The high court did rule that the law’s expansion of
Medicaid violated states’ rights.2
ENCOURAGING
DEVELOPMENTS IN REAL ESTATE
The
National Association of Realtors said that its pending home sales index rose
5.6% in May to 101.1 – the highest level in two years, and a number
characteristic of a “healthy” residential real estate market. New home sales
rose 7.6% in May to a pace unseen since April 2010, the Census Bureau noted.
Freddie Mac said average interest rates on conventional home loans hit a new
low last week at 3.66%.3
NO GAINS IN
CONSUMER SPENDING OR CONFIDENCE
Personal spending was flat in May, and the Commerce Department revised April’s gain to just 0.1%. The Conference Board’s June consumer confidence survey fell to 62.0 from May’s revised 64.4 reading; June’s final University of Michigan consumer sentiment survey dropped down to 73.2 from May’s final 79.3 mark.4,5
OIL, GOLD, EQUITIES ALL RISE
Friday,
the S&P 500 (1,362.16), NASDAQ (2,935.05) and DJIA (12,880.09) all
settled at highs unseen since May 8. For the week, the Dow gained 1.89%, the
S&P 2.03% and the NASDAQ 1.47%. Oil settled Friday in New York at $84.96
a barrel, leaping $7.27 in a day; gold jumped $53.80 to close the week at
$1,604.20 an ounce on the COMEX.1,6
THIS WEEK: Monday,
the Institute for Supply Management presents its June manufacturing index;
May construction spending data will also appear. Tuesday, the federal
government issues reports on May factory output and June auto sales; the NYSE
closes early. Wednesday is July 4, and U.S. equity and bond markets will be
closed. ISM’s June non-manufacturing index and the latest weekly jobless
claims numbers come out on Thursday. The June unemployment report arrives
Friday.
Sources: money.msn.com, bigcharts.com, treasury.gov, treasurydirect.gov - 6/29/121,7,8,9
Indices are unmanaged, do not
incur fees or expenses, and cannot be invested into directly.
These returns do not include
dividends.
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«RepresentativeDisclosure»
This material was prepared by
MarketingLibrary.Net Inc., and does not necessarily represent the views of
the presenting party, nor their affiliates. Marketing Library.Net Inc. is not
affiliated with any broker or brokerage firm that may be providing this
information to you. This information should not be construed as investment,
tax or legal advice and may not be relied on for the purpose of avoiding any
Federal tax penalty. The Dow Jones Industrial Average is a price-weighted
index of 30 actively traded blue-chip stocks. The NASDAQ Composite Index is
an unmanaged, market-weighted index of all over-the-counter common stocks
traded on the National Association of Securities Dealers Automated Quotation
System. The Standard & Poor's 500 (S&P 500) is an unmanaged group of
securities considered to be representative of the stock market in general. It
is not possible to invest directly in an index. NYSE Group, Inc. (NYSE:NYX)
operates two securities exchanges: the New York Stock Exchange (the “NYSE”)
and NYSE Arca (formerly known as the Archipelago Exchange, or ArcaEx®, and
the Pacific Exchange). NYSE Group is a leading provider of securities
listing, trading and market data products and services. The New York
Mercantile Exchange, Inc. (NYMEX) is the world's largest physical commodity
futures exchange and the preeminent trading forum for energy and precious
metals, with trading conducted through two divisions – the NYMEX Division,
home to the energy, platinum, and palladium markets, and the COMEX Division,
on which all other metals trade. Additional risks are associated with
international investing, such as currency fluctuations, political and
economic instability and differences in accounting standards. All information
is believed to be from reliable sources; however we make no representation as
to its completeness or accuracy. All economic and performance data is
historical and not indicative of future results. Market indices discussed are
unmanaged. Investors cannot invest in unmanaged indices. The publisher is not
engaged in rendering legal, accounting or other professional services. If
assistance is needed, the reader is advised to engage the services of a
competent professional.
Citations.
1 - money.msn.com/market-news/post.aspx?post=95f998bd-6fbe-4de1-9b51-8cb1f437973a
[6/29/12]
2 -
www.latimes.com/news/politics/la-pn-justice-roberts-leads-supreme-court-support-of-healthcare-law-20120628,0,3606595.story
[6/28/12]
3 - www.mercurynews.com/business/ci_20963751/look-at-us-housing-market-at-glance
[6/28/12]
4 - www.reuters.com/article/2012/06/29/usa-economy-idUSL2E8HT2ZG20120629
[6/29/12]
5 - briefing.com/investor/calendars/economic/2012/06/25-29
[6/29/12]
6 - montoyaregistry.com/Financial-Market.aspx?financial-market=common-financial-mistakes-and-how-to-avoid-them&category=29
[6/29/12]
7 -
bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=6%2F29%2F11&x=0&y=0
[6/29/12]
7 -
bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=6%2F29%2F11&x=0&y=0
[6/29/12]
7 -
bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=6%2F29%2F11&x=0&y=0
[6/29/12]
7 -
bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=6%2F29%2F07&x=0&y=0
[6/29/12]
7 -
bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=6%2F29%2F07&x=0&y=0
[6/29/12]
7 -
bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=6%2F29%2F07&x=0&y=0
[6/29/12]
7 -
bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=6%2F28%2F02&x=0&y=0
[6/29/12]
7 -
bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=6%2F28%2F02&x=0&y=0
[6/29/12]
7 -
bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=6%2F28%2F02&x=0&y=0
[6/29/12]
8 -
treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield
[6/29/12]
8 -
treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyieldAll
[6/29/12]
9 - treasurydirect.gov/instit/annceresult/press/preanre/2002/ofm10902.pdf
[1/9/02]
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Tuesday, July 3, 2012
Economic Update for the week of July 2nd, 2012
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