Economy
Related: About this forumSTOCK MARKET WATCH -- Thursday, 9 May 2013
[font size=3]STOCK MARKET WATCH, Thursday, 9 May 2013[font color=black][/font]
SMW for 8 May 2013
AT THE CLOSING BELL ON 8 May 2013
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Dow Jones 15,105.12 +48.92 (0.32%)
S&P 500 1,632.69 +6.73 (0.41%)
Nasdaq 3,413.27 +16.64 (0.49%)
[font color=green]10 Year 1.77% -0.01 (-0.56%)
[font color=black]30 Year 2.99% 0.00 (0.00%)[font color=black]
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[font size=2]Market Conditions During Trading Hours[/font]
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[font size=2]Euro, Yen, Loonie, Silver and Gold[center]
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[font color=black][font size=2]Handy Links - Market Data and News:[/font][/font]
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Economic Calendar
Marketwatch Data
Bloomberg Economic News
Yahoo Finance
Google Finance
Bank Tracker
Credit Union Tracker
Daily Job Cuts
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[font color=black][font size=2]Handy Links - Economic Blogs:[/font][/font]
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The Big Picture
Financial Sense
Calculated Risk
Naked Capitalism
Credit Writedowns
Brad DeLong
Bonddad
Atrios
goldmansachs666
The Stand-Up Economist
The Automatic Earth
Wall Street on Parade
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[font color=black][font size=2]Handy Links - Essential Reading:[/font][/font]
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Matt Taibi: Secret and Lies of the Bailout
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[font color=black][font size=2]Handy Links - Government Issues:[/font][/font]
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LegitGov
Open Government
Earmark Database
USA spending.gov
[/center][font color=black][font size=2]Handy Links - Videos:[/font][/font]
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Charlie Rose talks with Roubini
Charlie Rose talks with Krugman
William Black: This Economic Disaster
Bill Moyers with Kevin Drum and David Corn
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[font color=red]Partial List of Financial Sector Officials Convicted since 1/20/09 [/font][font color=red]
2/2/12 David Higgs and Salmaan Siddiqui, Credit Suisse, plead guilty to conspiracy involving valuation of MBS
3/6/12 Allen Stanford, former Caribbean billionaire and general schmuck, convicted on 13 of 14 counts in $2.2B Ponzi scheme, faces 20+ years in prison
6/4/12 Matthew Kluger, lawyer, sentenced to 12 years in prison, along with co-conspirator stock trader Garrett Bauer (9 years) and co-conspirator Kenneth Robinson (not yet sentenced) for 17 year insider trading scheme.
6/14/12 Allen Stanford sentenced to 110 years without parole.
6/15/12 Rajat Gupta, former Goldman Sachs director, found guilty of insider trading. Could face a decade in prison when sentenced later this year.
6/22/12 Timothy S. Durham, 49, former CEO of Fair Financial Company, convicted of one count conspiracy to commit wire and securities fraud, 10 counts of wire fraud, and one count of securities fraud.
6/22/12 James F. Cochran, 56, former chairman of the board of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and six counts of wire fraud.
6/22/12 Rick D. Snow, 48, former CFO of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and three counts of wire fraud.
7/13/12 Russell Wassendorf Sr., CEO of collapsed brokerage firm Peregrine Financial Group Inc. arrested and charged with lying to regulators after admitting to authorities he embezzled "millions of dollars" and forged bank statements for "nearly twenty years."
8/22/12 Doug Whitman, Whitman Capital LLC hedge fund founder, convicted of insider trading following a trial in which he spent more than two days on the stand telling jurors he was innocent
10/26/12 UPDATE: Former Goldman Sachs director Rajat Gupta sentenced to two years in federal prison. He will, of course, appeal. . .
11/20/12 Hedge fund manager Matthew Martoma charged with insider trading at SAC Capital Advisors, and prosecutors are looking at Martoma's boss, Steven Cohen, for possible involvement.
02/14/13 Gilbert Lopez, former chief accounting officer of Stanford Financial Group, and former controller Mark Kuhrt sentenced to 20 yrs in prison for their roles in Allen Sanford's $7.2 billion Ponzi scheme.
03/29/13 Michael Sternberg, portfolio mgr at SAC Capital, arrested in NYC, charged with conspiracy and securities fraud. Pled not guilty and freed on $3m bail.
04/04/13 Matthew Marshall Taylor,fmr Goldman Sachs trader arrested, charged by CFTC w/defrauding his employer on $8BN futures bet "by intentionally concealing the true huge size, as well as the risk and potential profits or losses associated."
04/04/13 Matthew Taylor admits guilt, makes plea bargain. Sentencing set for 26 June; faces up to 20 years in prison but will likely only see 3-4 years. Says, "I am truly sorry."
04/11/13 Ex-KPMG LLP partner Scott London charged by federal prosecutors w/passing inside tips to a friend in exchange for cash, jewelry, and concert tickets; expected to plead guilty in May.
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[font size=3][font color=red]This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.[/font][/font][/font color=red][font color=black]
Demeter
(85,373 posts)Lies, damn lies, and statistics.
mahatmakanejeeves
(56,890 posts)Source: Department of Labor, Employment and Training Administration
Read More: http://www.dol.gov/opa/media/press/eta/ui/eta20130850.htm
UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT
SEASONALLY ADJUSTED DATA
In the week ending May 4, the advance figure for seasonally adjusted initial claims was 323,000, a decrease of 4,000 from the previous week's revised figure of 327,000. The 4-week moving average was 336,750, a decrease of 6,250 from the previous week's revised average of 343,000.
The advance seasonally adjusted insured unemployment rate was 2.3 percent for the week ending April 27, unchanged from the prior week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending April 27 was 3,005,000, a decrease of 27,000 from the preceding week's revised level of 3,032,000. The 4-week moving average was 3,034,250, a decrease of 24,500 from the preceding week's revised average of 3,058,750.
UNADJUSTED DATA
The advance number of actual initial claims under state programs, unadjusted, totaled 298,497 in the week ending May 4, a decrease of 2,638 from the previous week. There were 341,080 initial claims in the comparable week in 2012.
....
The largest increases in initial claims for the week ending April 27 were in Illinois (+1,744), Oregon (+1,244), New Hampshire (+765), Arkansas (+455), and Maine (+379), while the largest decreases were in California (-3,721), Michigan (-2,993), Wisconsin (-2,623), Massachusetts (-2,487), and Florida (-2,062).
== == == == ==
Good morning, Freepers and DUers alike. I ask you to put aside your differences long enough to read this post. Following that, you can engage in your usual donnybrook.
I have been posting the number every week for at least a year. I seriously do not care if the week's data make Obama look good. They are just numbers, and I post them without regard to the consequences. I welcome people from Free Republic to examine the numbers as well. They paid for the work just as much as members of DU did, so I invite them to come on over and have a look. "The more the merrier" is the way I look at it.
I do not work at the ETA, and I do not know anyone working in that agency. I'm sure I can safely assume that the numbers are gathered and analyzed by career civil servant economists who do their work on a nonpartisan basis. Numbers are numbers, and let the chips fall where they may. If you feel that these economists are falling down on the job, drop them a line or give them a call. They work for you, not for any politician or political party.
The word "initial" is important. The report does not count all claims, just the new ones filed this week.
Note: The seasonal adjustment factors used for the UI Weekly Claims data from 2007 forward, along with the resulting seasonally adjusted values for initial claims and continuing claims, have been revised. These revised historical values, as well as the seasonal adjustment factors that will be used through calendar year 2012, can be accessed at the bottom of the following link: http://www.oui.doleta.gov/press/2012/032912.asp
DemReadingDU
(16,000 posts)5/9/13 Greek Unemployment Hits New Record High, Youth Jobless Rises By 5% In One Month To 64.2%
The Greek economic depressionary catastrophe continues to merrily chug along. Hours ago, Greek Elstat reported that February unemployment rose to a new record high of 27.0%, with the January number revised from 27.2% to 26.7%, up from 21.9% in February 2012, and almost as if unlike the Greek BLS is not even trying to fudge numbers anymore and wants to show a deteriorating situation (or, as it was called in the Old Normal - "reality" .
Looking at the Shadow economy, the number of people who are inactive, or "neither worked neither looked for a job", hit 3,358,649. This number is just shy of the total people employed, meaning in 2-3 months, the Greek shadow economy will be greater than the official, taxed-one.
A gender breakdown shows that females have never had it worse with 31% unemployment, compared to 24.1% for men. But the most stunning number was the number of unemployed Greek youths (15-24), which hit a record 64.2%, the highest number on record, and a mindblowing 5% increase from the 58.3% youth unemployment reported in January, and a 10% increase from a year ago.
more...
http://www.zerohedge.com/news/2013-05-09/greek-unemployment-hits-new-record-high-youth-jobless-rises-5-one-month-642
DemReadingDU
(16,000 posts)5/9/13 Market Pullback: What Are the Chances?
Video at link, appx 4 minutes
Yahoo! Finance's "hot Stock Minute" host Lauren Lyster discusses the chances of a pullback with Yahoo! Finance Editor-in-Chief Aaron Task. The pair also talk about the money that big banks like JPMorgan Chase have been making in the market and why it's so easy for them. They also review Tesla's earnings report and what's really behind the company's profit.
http://finance.yahoo.com/blogs/hot-stock-minute/market-pullback-chances-105703129.html
Warpy
(110,903 posts)but I don't see a huge one, not yet.
The only thing that will bring stock prices down to sand levels is getting the bankers out of government and getting a sane economy again instead of one that favors Robber Barons and starves everything else.
Demeter
(85,373 posts)Sigh. I would like this problem sorted in my lifetime....the corruption in finance, government and education....
Demeter
(85,373 posts)and the Weekend is Mother's Day. Haven't done a decent Mother's Day yet, if I recall correctly. Unless someone has an alternate?
Fuddnik
(8,846 posts)Maybe we could make it a national holiday or something.
Now, I'm off to the gym to try to kill myself before that happens.
Demeter
(85,373 posts)Besides, we don't know you all that well...just well enough to think that a national holiday in your honor isn't in the cards. Something you have in common with POTUS, by the way.
Take it easy at the gym. there's no need to be suicidal....not yet, anyway.
Demeter
(85,373 posts)Wake me when the crazy is over....