The Dow is stumbling again
The US Dollar is strong and the Dow slumps as the year comes to a close. Dow Jones is down almost 1 percent and the up and down is back again. Conflicting indicators are keeping the Dow on a sidetrack.
Take the recent numbers on housing permits which rose some 6% while the Federal Open Market Committee FOMC affirmed that the household spending is still held back by small income growths and a tough labor market. What does it get us? Selloff. Add the Fed’s unchanged interest rates, Citigroup’s flooding of the market,
BAC has appointed Brian Moynihan as new CEO but the shares till dropped a bit. Whomever they appoint is less of an issue than the State slap that is expected on BAC early 2010, something that perhaps influences the soft reaction to the Moynihan news.
Dollar is up, oil and gold is down and general confidence, consumers and markets alike, is.. undecided. Recovery? Perhaps but it certainly feels like we are still in convalescence. Let´s hope for a Happier New Year.
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