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WEEKLY QUOTE
“Intelligence
without ambition is a bird without wings.”
- Salvador Dalí
WEEKLY TIP
Consolidating
your stray IRAs can mean fewer account statements, fewer account fees and
less paperwork.
WEEKLY RIDDLE
At a stop sign on a rural road, there are two trucks in
front of a truck, two trucks behind a truck, and one truck in the middle of
two trucks. How many trucks are there in total?
Last week’s riddle:
It can be told, made, cracked, and played. What is it?
Last week’s answer:
A joke.
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July 1,
2013
CHECKING IN ON THE CONSUMER
According to the Commerce Department, consumer spending
improved 0.3% in May as consumer incomes increased 0.5%. The latest household
sentiment polls seemed to reflect the good news. The Conference Board’s consumer confidence
gauge hit 81.4 in June, the best mark since January 2008; the University of
Michigan’s final June survey came in at 84.1, up from a preliminary reading
of 82.7.1,2
Q1 GDP REVISED SIGNIFICANTLY DOWNWARD
The
initial 2.4% estimate by the Bureau of Economic Analysis was scaled down to
just 1.8% last week. Stocks advanced after the announcement, as less economic
growth may give the Federal Reserve less incentive to taper QE3.3
IMPRESSIVE GAINS IN REAL ESTATE
INDICATORS
New
home sales rose another 2.1% in May, taking the annualized increase to 29.0%.
In addition to that news from the Census Bureau, the National Association of
Realtors reported a 6.7% rise in pending home sales in May (and a 12.1%
yearly improvement in the category). The Case-Shiller Home Price Index had
its best month ever: a 2.5% April gain with prices rising 12.1% in 12 months.
Not all the news from the housing sector was positive – Freddie Mac said that
the average rate on a 30-year home loan hit 4.46% last week, the highest in
almost two years.1,4,5,6
SOLID WEEK, SOLID QUARTER, SUPERB FIRST
HALF
The
Dow advanced 0.74% for the week to 14,909.60, the S&P 500 rose 0.87% for
the week to reach 1,606.28, and the NASDAQ wrapped up June at 3,403.25 after
a 1.37% weekly gain. While the second quarter saw a 32.36% rise in the CBOE
VIX, it also brought gains of 2.27% for the DJIA, 4.15% for the NASDAQ and
2.36% for the S&P, even as all three indices lost ground in June. The YTD
gain below represents the DJIA’s best first half of a year since 1999.7
THIS WEEK: On Monday,
ISM presents its manufacturing PMI for June and the Census Bureau offers data
on May construction spending. Tuesday brings federal government reports on
May factory orders and June auto buying, and earnings from Constellation
Brands. Wednesday, ISM puts out its June service sector PMI, and the latest
initial jobless claims figures, the June ADP employment report and the June
Challenger job-cut report all arrive; the NYSE wraps up trading at 1:00pm EST.
Thursday is July 4th; correspondingly, America’s financial markets are
closed. The Labor Department presents its June jobs report Friday, which is
also when the biggest U.S. banks provide midyear stress test results to the
Federal Reserve.
Sources: cnbc.com, bigcharts.com, treasury.gov - 6/28/137,8,9,10
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
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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. This material
represents an assessment of the market environment at a specific point in
time and is not intended to be a forecast of future events, or a guarantee of
future results. Past performance is no guarantee of future results. Investments will fluctuate and when
redeemed may be worth more or less than when originally invested. 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
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engage the services of a competent professional.
Citations.
1 - nytimes.com/2013/06/28/business/economy/consumer-spending-and-home-sales-were-up-in-may.html
[6/28/13]
2 - reuters.com/article/2013/06/28/us-usa-economy-sentiment-idUSBRE95R0MA20130628
[6/28/13]
3 - marketwatch.com/story/us-first-quarter-gdp-cut-to-18-from-24-2013-06-26
[6/26/13]
4 - census.gov/construction/nrs/pdf/newressales.pdf [6/26/13]
5 - reuters.com/article/2013/06/25/us-usa-economy-homes-index-idUSBRE95O0PH20130625
[6/25/13]
6 - freddiemac.com/pmms/
[6/28/13]
7 - cnbc.com/id/100852152
[6/28/13]
8 -
bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=6%2F28%2F12&x=0&y=0
[6/28/13]
8 -
bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=6%2F28%2F12&x=0&y=0
[6/28/13]
8 -
bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=6%2F28%2F12&x=0&y=0
[6/28/13]
8 -
bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=6%2F27%2F08&x=0&y=0
[6/28/13]
8 -
bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=6%2F27%2F08&x=0&y=0
[6/28/13]
8 -
bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=6%2F27%2F08&x=0&y=0
[6/28/13]
8 -
bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=6%2F27%2F03&x=0&y=0
[6/28/13]
8 -
bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=6%2F27%2F03&x=0&y=0
[6/28/13]
8 -
bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=6%2F27%2F03&x=0&y=0
[6/28/13]
9 - treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield
[6/28/13]
10 -
treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyieldAll
[6/28/13]
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Tuesday, July 2, 2013
Economic Update for the week of July 1st, 2013
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