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Dow 11,410 S&P500 1,240 Nasdaq 2,637 Gold 1,384
The S&P 500 closed the week at its highest level since September 2008. Gold is only $20 off last week’s close above $1,400.
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Now, for the 15 reasons markets moved this week:
- Ben Bernanke will allegedly tell 60 Minutes QE2 could expand beyond $600 billion. That’s surely kindling for the liquidity rally, but wasn’t this already a foregone conclusion when Bernanke said the Fed will do whatever it takes? Wall St. Cheat Sheet Managing Editor Elliot Turner says Today Will Give us an Important Clue for Where Markets Will Go Next >>
- The rise in headline Unemployment couldn’t keep markets down. Despite a move from 9.6% to 9.8% and an underwhelming addition of 39,000 jobs to the economy, bulls brushed off the data and sent the Nasdaq (NASDAQ:QQQQ) just off three-year highs. See How Unemployment has Affected the Market Since 1948 >>
- Gold (NYSE:GLD) got its groove back. As soon as the Unemployment data underwhelmed, QE3 lovers across the world bought more Gold. Don’t Miss: There is No Head and Shoulders Pattern in Gold >>
- Stocks traded lightly ahead of a Congressional agreement on the Bush Tax Cuts. Over a month ago we met with top political insiders who said the Bush Tax Cuts were guaranteed to extend, now we’re moments away from the chess move. Don’t Miss: Ben Bernanke on 60 Minutes: Open-Ended QE2, Unemployment, Tax Loopholes, and More [VIDEO] >>
- Google (NASDAQ:GOOG) launched e-Books and Facebook got a makeover. The activity in technology (QQQQ) has remained high as the Web seems to be on the cusp of 3.0. Wall St. Cheat Sheet Managing Editor Elliot Turner reveals How To Ride the Coattails of Technology >>
- Gold (GLD) set a new record as Silver (NYSE:SLV) hit a 30-year high. Gold and Silver remain in full bull market mode. Don’t Miss: There is No Head and Shoulders Pattern in Gold >>
- Obama’s tax deal was in the spotlight again. A compromise was reached with Republicans, and it seems Dems probably won’t be able to stop it. Don’t Miss: Gold Breakout in Real Terms Means Good Times are Ahead for Gold Bulls >>
- Although shares of Costco (NASDAQ:COST) dipped on flat margins, international revenues are steaming amidst a relatively slow economy. Profits for the warehouse retailer were up 17%. Earnings Cheat Sheet: Costco Revenue Rises 11%, Tops Analysts’ Estimates >>
- 10-Year Yields (NYSE:TLT) hit the highest since May. 3.34% was the fixed-income of the day as Treasuries fell.
- The House Democratic Caucus voted against the tax cuts. Back to the political drawing board for now.
- Riots broke out across London as Parliament voted for increased student tuitions. Even Prince Charles and Camilla Parker Bowles had their Rolls busted. Don’t Look Now, But We’ve Avoided a Global Depression (So Far) >>
- Treasuries rallied. A 30-year bond auction went well, so investors rode the momo.
- The horrific US trade deficit shrunk more than Wall Street expected. However, the Federal Budget Deficit is now the highest on record at $150.4 billion. So, What’s Going on With Rising Treasuries Yields Today? >>
- Consumer Sentiment surprised to the upside. Tis the season. See: Holiday Jolly in Effect: Michigan Consumer Sentiment Index is Better, But Still Well Below Average >>
- Gold (NYSE:GLD) and Oil (NYSE:USO) took a breather. Gold Breakout in Real Terms Means Good Times are Ahead for Gold Bulls >>