Week in Review: March 7, 2008
A look back at the week that was.
Credit worries continue to remain front and center with pressure on the banking system dragging the broader markets lower. The SPX broke 1330 support level (now serves as resistance) and has finished the week off about 3% while, as of writing, looking to break 1300 support.
Commodities continued their upward climb as world demand from China and other emerging markets remains strong despite the economic slowdown in the United States. Supply worries over OPEC opting not to increase production resulted in oil touching $104 per barrel; marking new inflation-adjusted all time highs. Gold also saw significant price gains as it neared closer to $1000 an ounce.
After a dismal jobs report, all eyes are focused on the Fed`s upcoming meeting in hopes of resurging the bulls.
The Four Sisters Performance
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Hillary Clinton kept her campaign hopes alive on Tuesday as the Democratic hopeful won key victories in the Texas and Ohio primaries. Clinton and Obama remain in a dead heat for the nomination, as Obama leads Clinton by just under 100 delegates. In a more predictable race John McCain secured the magic number of delegates to clinch his spot as the Republican nominee. (3/5)
Private employment fell sharply in the month of February according to Wednesday's ADP employment report. The report cited a 23,000 loss in private sector jobs for the month. (3/5)
The real estate market showed some positive signs this week as the National Associated of Realtors reported that pending home sales were flat for the month of January, though down 20% from last year. (3/6)
Nonfarm payrolls fell by an astonishing 63,000 in February, marking the largest drop since March 2003. Despite these discouraging numbers, unemployment unexpectedly fell to 4.8% versus an expected rise 5.0%. (3/7)
Staples (SPLS) saw fourth quarter sales increase one percent. The retailer also reported a slight decline in net income from last year. (3/4)
Big Lots (BIG) reported recorded a record performance for the fourth quarter and 2007. Along with strong performance, a strong 2008 guidance helped push shares higher this week. (3/5)
Costco (COST) announced a 12% net sales increase for the second quarter, along with 74 cent EPS results versus 54 cents a year ago. (3/5)
PetsMart (PETM) shares dropped this week after the pet supplies company reported a decline in earnings compared to last year despite seeing revenue increase. (3/6)
Market Movers: Winners & Sinners
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