Kevin Nast Presents: WEEKLY ECONOMIC UPDATE - NastGroup Financial
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26 Jul Kevin Nast Presents: WEEKLY ECONOMIC UPDATE

WEEKLY QUOTE“A happy person is not a person in a certain set of circumstances, but rather a person with a certain set of attitudes.”– Hugh Downs



If you’re going to start a home-based business, make sure your local zoning regulations permit it. The Small Business Administration’s website has an overview (Zoning Laws for Home-Based Businesses).



Two trains are crossing America from coast to coast, traveling over 3,000 miles of track. The Gentle Zephyr is going west at 70mph; the Western Wind is headed east at 80mph. So which train will be closer to the east coast when they roll by each other in Kansas?


Last week’s riddle:
Name two words in the English language that have the letter I twice in the middle of the word.


Last week’s answer:

Skiing, taxiing.


July 25, 2011

After the defeat of the “Cut, Cap and Balance” bill in the Senate Friday, President Obama and House Speaker John Boehner (R-OH) were left to work on a deficit reduction plan with a projected $3 trillion cut in federal spending. Discussions stalled Friday, and Congress was not in session over the weekend. While Obama seeks tax increases as part of any accord, Congressional sources told Reuters that they may be tossed out of the deal. Any new bill will likely have to pass this week in the House in order to exit the Senate before the Treasury Department’s August 2 deadline. Overseas, the European Union approved a $157 billion bailout package for Greece that could also bring significant debt relief to Portugal and Ireland.1,2,3


Existing home sales declined by 0.8% in June, according to the National Association of Realtors. They were down 8.8% from a year ago, when the federal homebuyer tax credit was poised to expire. In better news, U.S. housing starts were up 14.6% for June and up 16.7% year-over-year.4,5

Gold gained $11.50 last week and settled at $1,601.30 per ounce Friday. Oil futures ended the week at $99.87 on the NYMEX, logging a 2.33% weekly advance.6

Progress in European debt talks and solid earnings sent U.S. benchmarks higher last week. Across July 18-22, the S&P 500 gained 2.19%, the NASDAQ 2.47% and the DJIA 1.61%. Friday, the major indices finished as follows: DJIA, 12,681.16; S&P 500, 1,345.01; NASDAQ, 2,858.83. Something notable occurred at One Liberty Plaza: the NASDAQ-100 hit its highest level since February 2001 on Friday.6,7

THIS WEEK: On Monday, earnings roll in from Netflix, Broadcom and Texas Instruments. Tuesday brings a new S&P/Case-Shiller Home Price Index, June new home sales data, the Conference Board’s July Consumer Confidence Index and 2Q results from GlaxoSmithKline, Ford, Deutsche Bank, BP, US Steel, 3M, UBS, UPS and Amazon. Wednesday we get a new Federal Reserve Beige Book, June durable goods orders data and earnings from ConocoPhillips, Boeing, Delta, AutoNation, Aetna, Dow Chemical, Visa, Aflac, Symantec and WholeFoods. Thursday brings earnings from Credit Suisse, ExxonMobil, DR Horton, DuPont, Kellogg, Starbucks, Bristol-Myers Squibb, Motorola, Time Warner Cable, Sprint and MetLife plus weekly initial and continuing claims numbers. Friday offers 2Q results from Chevron and Merck and the final University of Michigan consumer sentiment survey for July.

DJIA +9.53 +22.85 +3.34 +2.16
NASDAQ +7.76 +27.29 +8.30 +4.38
S&P 500 +6.95 +22.98 +1.69 +1.29
10 YR TIPS 0.61% 1.21% 2.49% 3.50%

Sources:,,, – 7/22/117,8,9,10

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 or 248.347.1888. Kevin also services clients in Northville, Plymouth, Belleville, Brighton, Livonia 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. 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.LD41024-7/11


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