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Economy Grows 2.6%
The US Commerce Department releases figures on the Gross Domestic Product, indicating a growth rate of 2.6% which is shy of the the 2.9% estimate. |
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US Deficit Soars
The Bush administration announces that US deficit spending in the 2006 budget would soar above $400 billion, well over the July forecast. |
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Fed Raises Rates 0.25 to 2.5%
The US Federal Reserve raises the Federal Funds Rate ¼ Point To 2.5%. |
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Market Stats: DOW +56.46
Gold -1.8 NAS +6.12 CRB -2.47 S&P +4.12 USD 0.00 DOW +56.46 |
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Market Stats: S&P +10.79
S&P +10.79 Gold -1.0 NAS +23.06 USD +0.28 DOW +99.02 CRB -0.50 |
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Dow Closes Up
The Dow Jones industrial average closed up 97.83 to 10,759.43, jumping 0.9 percent to its highest level since June 2001 after pushing past its closing high for 2004 of 10,737.70, set in mid-February. Johnson & Johnson the lone loser among the 30 index components. |
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Market Stats: USD -0.50
Gold +0.6 DOW +11.68 CRB +0.04 S&P +0.45 NAS -7.35 USD -0.50 |
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Market Stats: NAS -8.53
Gold +2.1 NAS -8.53 S&P -8.91 DOW -55.72 CRB +4.20 USD -0.3 |
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Oil Rises With Cold and Bin Laden
U.S. light crude soared $2.10 to $46.28 a barrel, for a week gain of 14% with prices at their highest level since early December. London Brent was up $1.96 at $43.39 a barrel. Analysts attribute the reason to be frigid weather lingering in the Northeastern United States as well as bin Laden's audio tape urging additional attacks on Middle East oil installations. |
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Bush Forgives $4.1B Iraqi Debt
The Bush administration agrees to write off Iraq's debts to the United States totalling $4.1 billion, racked up during the regime of Saddam Hussein. |
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US Housing Starts Fall Sharply
The Commerce Department reports that starts on new homes and apartments slumped 13.2% to a seasonally adjusted annual rate of 1.77 million in November 2004 from a revised 2.04 million pace in October. Economists had forecast housing starts would come in at a 1.98 million pace. |
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Fed Raises Rates to 2.25%
U.S. Federal Reserve raises Fed Funds Rate by 0.25% to 2.25% and signalled there had been no change in its assessment of economic conditions. |
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Market Stats: Gold +3.1
Gold +3.1 NAS +19.61 CRB +2.63 USD -0.43 DOW +95.10 S&P +10.17 |
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Market Stats: USD +0.51
Gold 0.0 NAS -0.94 DOW -9.60 USD +0.51 S&P -1.24 CRB -1.61 |
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Jobless Claims Rise
The US Labor Department reveals that new claims for jobless benefits grew unexpectedly last week to 357,000. Analysts had forecasted first-time claims would instead fall to 335,000 from 349,000 the previous week. |
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Crude Oil Rises
Crude oil for December delivery rose 58 cents, or 1.3%, to $46.80 a barrel on the New York Mercantile Exchange. Exports from southern Iraq were disrupted because of high winds and rough seas as the Basra terminal and shipments from the north have been reduced because of continued attacks by insurgents on oil pipelines. |
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Greenspan Warns on Weak Dollar
Speaking in Europe, Federal Reserve Chairman Alan Greenspan warns that the U.S. must deal with the causes of the weak dollar or the country could run into economic problems down the line. Specifically, he recommends that that the U.S. budget deficit be cut and preferably moved to a surplus, a move that would reduce the current account deficit. The Republican controlled Congress which is moving to increase the debt limit to $8.2 Trillian, seems unlikely to heed the warning. |
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US Dollar Drops Again
The US dollar falls to a record low of $1.3074 against the euro in London trading before bouncing back to $1.2989. |
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Dollar's Decline Amplifies Concerns
Concerns over expanding US deficits leads the US Dollar down to a record low against the euro, a 12-year low against the Canadian dollar, and a nine-year low against an index of major currencies. This cheaper dollar reduces the value of American securities and could lead to a "doomsday scenario" in which Japan and China both refuse to buy U.S. bonds and actually begin to sell some of their $1.3 trillion in reserves. |
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Fed members express concerns over economic expansion
Some members of the Fed's top policymaking committee also expressed concerns about the strength of the expansion and suggested they might want to slow the pace of future increases if it appeared to be weakening, |
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US Consumer Sentiment Improves
The University of Michigan's preliminary reading of US Consumer Confidence for the month of November climbed to 95.5 from 91.7 in October. Economists had forecast a more moderate rise to 93.0. |
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Fed Raises Rates to 2.0%
U.S. Federal Reserve raises Fed Funds Rate by 0.25% to 2.0% from 1.75%. |
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Ivory Coast Unrest Runs Cocoa Up
Cocoa prices rise again, fuelled by concerns that the unrest in Ivory Coast, which is the world's biggest cocoa producer, will limit supplies. |
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Gas Prices Reach $1.99
Average retail gasoline prices in the United States reach $1.99/Gallon.
$2 a gallon, reaching a four-month high amid record high crude oil prices and
the effects of Hurricane Ivan, a leading industry analyst said on Sunday. |
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35.9 Million Americans in Poverty
The US Census Bureau releases an annual report documenting that the number of Americans living in poverty jumped to 35.9 million last year, up by 1.3 million, while the number of those without health care insurance rose to 45 million from 43.6 million in 2002 |
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Crude Oil Reaches New High
In New York the price of a barrel of US light crude rose 33 cents to $45.13, while in London, Brent crude climbed 50 cents to $42.07. The fresh highs come after militiamen loyal to Moqtada Sadr threatening new attacks on Iraqi oil facilities. |
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Fed Raises Interest Rates
U.S. Federal Reserve raises Fed Funds Rate by 0.25% to 1.50% from 1.25%. |
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Light Crude Tops $45
The price of US light crude oil tops $45 a barrel - touching a record 21-year high of $45.04 in New York trade. |
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Midday: U.S. Stocks Retreat
At midday, U.S. stocks retreat in cautious trade as investors sort through a mixed bag of reports from retailers while awaiting the release of the all-important July employment report. |
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Crude Oil Hits Record $44.24
After the head of the OPEC producers' cartel said there was no extra oil around the corner to dampen red-hot markets, U.S. light crude (CLc1) struck $44.24 a barrel. This is the highest since crude futures were launched on the New York Mercantile Exchange in 1983. |
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