Friday, July 12, 2013

Boffo Week for Stocks; Gas Prices on the Rise

For investors, a week nearly devoid of any actionable news resulted in one of the best weekly gains in stocks of the year.

On the week, stocks roared higher, much of the gains based on Fed Chairman Ben Bernanke's dovish comments on unemployment and the economy following the close of trading on Wednesday. Fed governor James Bullard - the most dovish of the flock of doves comprising the Fed governors - chimed in late Friday to add more fuel to the hot money rally.

The weekly gains:
Dow: +328.46 (2.17%)
S&P 500: +48.30 (2.96%)
NASDAQ: +120.70 (3.47%)

That's it in a nutshell. Just remember that nothing matters except the words coming out of Fed members' mouths.

On the downside, oil prices have spiked higher, consequently raising the price of fuel at the pump. According to AAA, gas prices nationally rose an average of 7 1/2 cents this week to $3.550 for unleaded regular, but the price pass-along to stations has only just begun. Drivers should brace for gas at $3.80 to over $4.00, depending on location, long before Labor Day.

Dow 15,464.30, +3.38(0.02%)
NASDAQ 3,600.08, +21.78(0.61%)
S&P 500 1,680.19, +5.17(0.31%)
NYSE Composite 9,493.20, -0.06 (0.00%)
NASDAQ Volume 1,487,364,375
NYSE Volume 3,132,032,500
Combined NYSE & NASDAQ Advance - Decline: 3295-3092
Combined NYSE & NASDAQ New highs - New lows: 543-27
WTI crude oil: 105.95, +1.04
Gold: 1,277.60, -2.30
Silver: 19.79, -0.164

No comments: