Bartlett Market Week
Market Week: July 12, 2010
The Markets
Short but sweet: There may have been only four trading days last week, but they represented the best week for the Dow since roughly the same time last year. Last Tuesday was a mirror image of the previous Tuesday, with the Dow soaring 275 points up instead of down and bouncing above the 10,000 mark yet again. The small-cap Russell 2000 managed to squeak back into positive territory (barely) for the year, even though the week's gains couldn't match those of the Dow or the broader S&P 500.
Note: Market indexes listed are unmanaged and are not available for direct investment.
Last Week's Headlines
- Service industries in the U.S. grew in June for the sixth consecutive month, though at a slightly slower pace. According to the Institute for Supply Management, only two categories--finance/insurance and miscellaneous--reported contraction, while real estate/rental/leasing showed the most growth.
- Consumer borrowing fell in May at an annual rate of 4.5%, according to the Federal Reserve Board. It's the fourth consecutive monthly decline. Revolving debt (credit cards) was down even more, at an annual rate of 10.5%.
- European banking supervisors will assess the resilience of 91 banks there by administering stress tests similar to the ones performed on U.S. banks more than a year ago, and will make the results public.
Eye on the Week Ahead
With Congress coming back from its July 4 recess, the fate of financial reform is once again on the table. Monday's Alcoa announcement is the traditional kickoff of the second-quarter earnings season.
Key data releases: International trade (7/13); retail sales, FOMC meeting minutes (7/14); wholesale inflation (7/15); consumer inflation (7/16).
Data source: Includes data provided by Brounes & Associates. All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness. Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice. Past performance is no guarantee of future results.
For more information on this topic, please contact us. At Bartlett & Co, we assist high net worth individuals and their families in defining & reaching their life goals.