Grand Theft Economics
Donald Hunt
SOTT.net
Mon, 02 Jan 2006 12:00 EST
Gold closed at 519.70 dollars an ounce on Friday, up 2.7% from $505.90 the Friday before. The dollar closed at 0.8440 euros on Friday, up 0.2% from 0.8425 at the end of the previous week. The euro closed at 1.1849 dollars, down from 1.1869 the week before. Gold in euros would be 438.60 an ounce at Friday's close, up 2.9% for the week. Oil closed at 61.04 dollars a barrel, up 4.5% from $58.43 the week before. Oil in euros would be 51.43 euros a barrel, up 4.5% from 49.23 euros at the end of the previous week. The gold/oil ratio closed at 8.51, down 1.8% from 8.66 the week before. In U.S. stocks, the Dow Jones Industrial Average closed at 10,717.50 for the week, down 1.5% from 10,883.27 at the previous week's close. The NASDAQ closed at 2,205.32, down 2.0% from 2,249.42 the week before. The yield on the ten-year U.S. Treasury note closed at 4.39%, up one basis point from 4.38 the week before.
Since Friday was the last market day of the year, let's look at how the numbers we have been following came out for the year.
USA Today
12/31/2005 2:51 AM
USA Today
12/31/2005 2:51 AM
Sat, 31 Dec 2005 12:00 EST
NEW YORK (AP) Investors marked the last trading day of 2005 Friday with the same conundrum they faced all year trying to find a good reason to buy stocks and coming up short. Stocks fell to their December lows, and the Dow Jones industrials finished the year with a loss.
With little news to spur buying, stocks fell as investors consolidated their meager profits on the year. As a result, the Dow suffered its first down year since 2002, although the other major indexes posted modest gains for 2005.
This year was marked by skyrocketing energy prices, a slowing economy, hot-and-cold inflation threats and the Federal Reserve steadily raising interest rates all of which made investors nervous over the state of the economy and kept stocks volatile but ultimately little changed since the end of 2004.
By Vivianne Rodrigues
30 December 2005
Reuters
By Vivianne Rodrigues
30 December 2005
Reuters
Sat, 31 Dec 2005 12:00 EST
NEW YORK - U.S. stocks fell in the year's final trading session on Friday, pushing the Dow Jones industrial average to its first loss since 2002, while both the broad S&P 500 and the Nasdaq Composite Index booked gains for the third straight year.
Thomas Preisinger, Mark Mullen, John Humprys
Thomas Preisinger, Mark Mullen, John Humprys
Sat, 31 Dec 2005 12:00 EST
Quantum Future Group researchers have been following economic trends for some time now, and several of our experts in this area have noted a troubling "sign of the times" in recent weeks. The following is an exchange between them.
By DAVID B. CARUSO
Associated Press
Fri Dec 30, 1:47 PM ET
By DAVID B. CARUSO
Associated Press
Fri Dec 30, 1:47 PM ET
Sat, 31 Dec 2005 12:00 EST
NEW YORK - Hotel prices set wallet-busting records in New York City in 2005 after a long, slow recovery from the 2001 terrorist attacks.
The average daily price of a room in the city hit $292 in November, according to the hospitality industry analysis firm PKF Consulting. Figures for December weren't yet available, but the city is a lock to break its previous record yearlong average of $237 per night, set in 2000.
By JEANNINE AVERSA
29 Dec 2005
AP
By JEANNINE AVERSA
29 Dec 2005
AP
Fri, 30 Dec 2005 12:00 EST
WASHINGTON - Treasury Secretary John Snow on Thursday said the United States could face the prospect of not being able to pay its bills early next year unless Congress raises the government's borrowing authority, now capped at $8.18 trillion.
Snow, in a letter to lawmakers, estimated that the government is expected to bump into the statutory debt limit around the middle of February.
"At that time, unless the debt limit is raised or the Treasury Department takes authorized extraordinary actions, we will be unable to continue to finance government operations," Snow wrote.
By Alexandria Sage
Reuters
Thu Dec 29, 6:59 PM ET
By Alexandria Sage
Reuters
Thu Dec 29, 6:59 PM ET
Fri, 30 Dec 2005 12:00 EST
LOS ANGELES - After a tepid holiday shopping season, U.S. retailers are hoping that an earlier launch of full-price spring apparel will attract shoppers with gift cards in hand and break the industry's recent reliance on discounting.
By Kristin Roberts
Reuters
December 30, 2005
By Kristin Roberts
Reuters
December 30, 2005
Fri, 30 Dec 2005 12:00 EST
WASHINGTON - Sales of existing U.S. homes fell 1.7 percent in November as inventories climbed, indicating a rally in the U.S. housing market has begun to wane, a trade group said on Thursday.
Comment: Comment: "This is not a scenario for a hard landing." Since it seems that the housing market and numerous lies about continuing economic growth are the only thing keeping the economy afloat, it's hard to see how anyone could claim that any aspect of the US economy is in for a soft landing in the near future.
By Jennifer Coogan
Reuters
Thu Dec 29, 2:26 PM ET
By Jennifer Coogan
Reuters
Thu Dec 29, 2:26 PM ET
Fri, 30 Dec 2005 12:00 EST
NEW YORK - As the year draws to a close, the U.S. stock market's major indexes have fallen short of Wall Street forecasts, but analysts aren't blaming corporate America for this year's lackluster gains.
Analysts point to Federal Reserve monetary policy and a sharp increase in energy prices as the culprits.
Comment: Comment: That's it?? How about the gang in the White House whose drunken spending spree and "tax cuts" have done more to harm the average American than any other administration in recent memory?
Reuters
Thu Dec 29, 3:27 PM ET
Reuters
Thu Dec 29, 3:27 PM ET
Fri, 30 Dec 2005 12:00 EST
DETROIT - General Motors Corp.'s shares touched their lowest price in more than 20 years on Thursday, in keeping with the rough road the world's largest automaker has traveled in 2005 and uncertainty about the future.
An expected weak end to GM's U.S. sales year, a possible change in pension accounting that could erase most shareholder equity and investors taking their losses in the stock to offset gains in other investments depressed GM stock on Thursday before it bounced back, analysts said.
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