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WEEKLY QUOTE
“No
man really becomes a fool until he stops asking questions.”
-
Charles P. Steinmetz
WEEKLY TIP
If
you are over 50 and eager to start your own business, see if it can become a
profitable hobby first.
WEEKLY RIDDLE
8549176320 is a large number, and unique for two reasons.
It presents all of the numerical digits from 0-9 without a repeat; what is
the other reason?
Last week’s riddle:
In the morning, I lie at your feet. I almost vanish in midday
sun. But I’ll be with you all day as you stand, walk, leap a run. What am I?
Last week’s answer:
Your shadow.
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September 30,
2013
HOUSEHOLDS BOOST THEIR SPENDING
August saw a 0.3% gain in personal spending, and the Commerce
Department also noted a 0.4% rise in personal income – the largest monthly
increase since February. Consumer spending accounts for about 70% of GDP, and
analysts widely expect about 2% growth in Q3; Q2 growth was pegged at 2.5%
last week in the federal government’s final estimate. In other economic news
out of Washington, durable goods orders rose 0.1% in August, a nice change
from the 8.1% dive in July.1,2
NEW HOME SALES UP, PENDING HOME SALES
DOWN
July
was the worst month for new home buying since October 2012, so the 7.9% sales
gain in August was welcome. New home inventory rose 3.6% in August to the
highest level since March 2011, the Commerce Department noted. The National
Association of Realtors reported a 1.6% decline in pending home sales in
August. July’s S&P/Case-Shiller Home Price Index showed a 12.4% yearly rise
in home values across 20 cities – the best 12-month increase since February
2006.3,4
ASSESSMENTS OF CONSUMER SENTIMENT
DIFFER
September’s
Conference Board consumer confidence index came in at 79.7, down notably from
the August reading of 81.8. The University of Michigan’s final consumer
sentiment index for the month offered a 77.5 reading, the lowest mark for the
index in almost five months; even so, it beat the final August mark of 76.8
and the Briefing.com consensus forecast of 77.0.2,5
STOCKS DIP DURING ANXIOUS WEEK
With
a last-minute showdown over the federal budget looming in Congress and
consumers and business owners trying to learn more about the healthcare exchanges
slated to open October 1, there was a lot to concern Wall Street and Main
Street last week. The Dow (-1.25 to 15,258.24) and S&P 500 (-1.06% to 1,691.75)
made weekly retreats, but the NASDAQ rose 0.18% in five days to settle at 3,781.59
Friday.5
THIS WEEK: No major
economic releases are scheduled for Monday; Wall Street’s eyes will be on
Congress. Tuesday, ISM presents its September manufacturing index, August
auto sales numbers are out from the Commerce Department, and Walgreens and
Global Payments present earnings. Wednesday brings ADP’s employment change
report for September and earnings from Monsanto; Ben Bernanke speaks
(briefly) at the St. Louis Fed. Thursday offers ISM’s September
non-manufacturing index, the September Challenger job-cut report, the latest
initial jobless claims figures, a report on August factory orders and earnings
from Constellation Brands. Friday sees the release of the Labor Department’s
September employment report.
Sources: cnbc.com, bigcharts.com, treasury.gov - 9/27/135,6,7,8
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. 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
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 - boston.com/business/news/2013/09/27/consumers-boost-spending-percent-august/WyHqaMk2ryd7OwGcGLQ8kK/story.html
[9/27/13]
2 - briefing.com/investor/calendars/economic/2013/09/23-27
[9/27/13]
3 - dailyfinance.com/2013/09/25/higher-mortgage-rates-dent-new-home-sales-housing-market/
[9/25/13]
4 - bloomberg.com/news/2013-09-26/pending-sales-of-existing-homes-in-u-s-decreased-1-6-in-august.html
[9/26/13]
5 - tinyurl.com/m9uq9ow
[9/27/13]
6 -
bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=9%2F27%2F12&x=0&y=0
[9/27/13]
6 -
bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=9%2F27%2F12&x=0&y=0
[9/27/13]
6 -
bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=9%2F27%2F12&x=0&y=0
[9/27/13]
6 -
bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=9%2F26%2F08&x=0&y=0
[9/27/13]
6 -
bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=9%2F26%2F08&x=0&y=0
[9/27/13]
6 -
bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=9%2F26%2F08&x=0&y=0
[9/27/13]
6 -
bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=9%2F26%2F03&x=0&y=0
[9/27/13]
6 -
bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=9%2F26%2F03&x=0&y=0
[9/27/13]
6 -
bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=9%2F26%2F03&x=0&y=0
[9/27/13]
7 - treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield
[9/27/13]
8 -
treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyieldAll
[9/27/13]
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Tuesday, October 1, 2013
Economic Update for the week of September 30th, 2013
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