23 May Kevin M. Nast Presents: WEEKLY ECONOMIC UPDATE
| WEEKLY QUOTE“Pleasure in the job puts perfection in the work.” – Aristotle WEEKLY TIP If marriage will give you a new last name, be sure to notify Social Security, your bank, and the investment and insurance companies with whom you have accounts and policies about the name change.
WEEKLY RIDDLE You need to park a car for the weekend. You find a parking space marked “2-Hour Parking M-F, 8am-6pm” with no other restrictions. You call the city and find that overnight parking is allowed on this block. So, what is the maximum amount of time you can leave your car in this space without getting a ticket?
Last week’s riddle: We know that a seahorse isn’t a horse, and we know that a silverfish isn’t a fish. For that matter, a snakehead isn’t a snake – but what is it?
Last week’s answer: A predatory fish found in both Asia and Africa.
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May 21, 2012 FACEBOOK DEBUT DIVERTS ATTENTION FROM EUROPE Facebook’s IPO set a new record for a stock debut Friday – volume surpassed 578 million shares. The gain was small: shares closed at $38.23 at the end of regular trading, up 0.61% from the initial $38 offering price. Meanwhile, the S&P 500 ended the trading week below 1,300, a casualty of renewed pessimism over the future of the euro and debt burdens in Spain and Greece. Greece dissolved its parliament Friday and set new elections for June, increasing global fears that it will exit the euro. Moody’s issued downgrades for 16 Spanish banks on Thursday, and one of them was Banco Santander – the biggest bank in the Eurozone.1,2 CPI IS FLAT FOR APRIL CONFERENCE BOARD LEI DECLINES The private research group’s monthly index of leading economic indicators retreated 0.1% for April after a 0.3% March gain. On the upside, the index has risen 1.8% in the past six months compared to 0.1% in the six months prior.4 HOUSING STARTS RISE 2.6% IN APRIL Homebuilders broke ground on 717,000 homes in April. Single-family construction starts were up 2.3% from March levels.5 HEADWINDS SWEEP THROUGH WALL STREET Facebook frenzy notwithstanding, the market had it rough last week. The major index performance during May 14-18: S&P 500, -4.30% to 1,295.22; DJIA, -3.52% to 12,369.38; NASDAQ, -5.28% to 2,778.79. The end-of-day yield on the 10-year Treasury was 1.69% last Thursday, near the all-time intraday low of 1.67%.1,6,7 THIS WEEK: Monday brings Q1 results from Urban Outfitters, Lowe’s and Campbell’s Soup. Tuesday, the NAR gives us data on April existing home sales and Q1 results are in from AutoZone, Best Buy and Dell. Wednesday brings fresh earnings reports from Hewlett-Packard, Big Lots, Toll Bros. and Pandora and the Census Bureau’s numbers on April new home sales. A report on April durable goods orders arrives on Thursday, along with earnings from Costco and Tiffany. Friday brings no earnings reports, but the final May Reuters/University of Michigan consumer sentiment survey will appear.
Sources: cnbc.com, bigcharts.com, treasury.gov, treasurydirect.gov – 5/18/121,8,9,10 Indices are unmanaged, do not incur fees or expenses, and cannot be invested into directly. These returns do not include dividends. |
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| Kevin M. Nast is a Financial Adviser and the President of NastGroup Financial in Northville, MI 48167. He may be reached at nastgroupfinancial.com or 248.347.1888. Kevin also services clients in South Lyon, Westland, Northville, Plymouth, Belleville and the surrounding metro Detroit area as well as 13 additional states across the US.This material was prepared by MarketingLibrary.Net Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. Marketing Library.Net Inc. is not affiliated with any broker or brokerage firm that may be providing this information to you. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks. The NASDAQ Composite Index is an unmanaged, market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System. The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. It is not possible to invest directly in an index. NYSE Group, Inc. (NYSE:NYX) operates two securities exchanges: the New York Stock Exchange (the “NYSE”) and NYSE Arca (formerly known as the Archipelago Exchange, or ArcaEx®, and the Pacific Exchange). NYSE Group is a leading provider of securities listing, trading and market data products and services. The New York Mercantile Exchange, Inc. (NYMEX) is the world’s largest physical commodity futures exchange and the preeminent trading forum for energy and precious metals, with trading conducted through two divisions – the NYMEX Division, home to the energy, platinum, and palladium markets, and the COMEX Division, on which all other metals trade. Additional risks are associated with international investing, such as currency fluctuations, political and economic instability and differences in accounting standards. All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy. All economic and performance data is historical and not indicative of future results. Market indices discussed are unmanaged. Investors cannot invest in unmanaged indices. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional.LD43730-05/12 Citations. 1 – www.cnbc.com [5/18/12] 2 – money.msn.com [5/18/12] 3 – online.wsj.com [5/15/12] 4 – articles.marketwatch.com [5/18/12] 5 – thehill.com [5/16/12] 6 – www.cnbc.com [5/18/12] 7 – montoyaregistry.com [5/18/12] 8 – bigcharts.marketwatch.com [5/18/12] 8 – bigcharts.marketwatch.com [5/18/12] 8 – bigcharts.marketwatch.com [5/18/12] 8 – bigcharts.marketwatch.com [5/18/12] 8 – bigcharts.marketwatch.com [5/18/12] 8 – bigcharts.marketwatch.com [5/18/12] 8 – bigcharts.marketwatch.com [5/18/12] 8 – bigcharts.marketwatch.com [5/18/12] 8 – bigcharts.marketwatch.com [5/18/12] 9 – treasury.gov [5/18/12] 9 – treasury.gov [5/18/12] 10 – treasurydirect.gov [1/9/02] |
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