Market Wrap Up

Market Wrap Up

Market Wrap Up

Today was a mixed day on Wall Street with the DOW finishing the dat at 9,913.16 up 96.67 or .98%. The Nasdaq finish lower amid weak Tech stocks, finishing the day at 2,165.73 down 8.17 points of .38 points. Finally, S&P closed up 8.94 or .85% finishing at 1,059.41.

Gold continued to be investor's weapon of choice breaking an all time high of $1,254.50. Currently, Gold is trading at 1,235.80 selling off 3.50 points or .28%. Oil rallied slightly trading at up .63 or .88% at $72.07. The Euro closed at 1.1946 against the dollar.

Arguments whether the U.S. economy is undergoing a double dip recession continue with Ben Bernake stating that he does not think we will be experiencing one. As noted in our morning outlook post, the public is very focused on the unemployment level which will not be driven down anytime soon by rapid economic growth. Projected time frame for a full recovery is anywhere from five to ten years.

On the other side of the coin it was reported today that lumber prices are sinking. If this is an indication that the overall price of goods has begun to fall, it could be a tip that deflation is occurring, causing business to cut back production and lay off workers, which then pushes the economy further into a hole as consumers have less expendable income overall. This cycle, should it occur, could confirm the suspicions of those who are calling for a double dip recession.

JP Morgan is under heavy scrutiny after reporting heavy losses on coal-price bets. JP Morgan was attempting to exploit cheaper prices in South Africa in shipping to Europe. The discount later narrowed as demand increased in Europe and JPM was caught holding the ball. Although this story has not been confirmed by JP Morgan, many are using this as yet another example to further regulate the activities of banks.

In world news, China's workers are beginning to stand up for themselves, successfully demanding higher wages and working conditions from the governments. A company that supplies Honda Motors with exhaust pipes experienced a worker's strike today. This is only the first domino to fall in a series of many, the Chinese culture is collectivist, and those acting in large groups will influence countless others. A lshift in the power of the Chinese government is approaching as well as an increase in the worldwide price of imports in the upcoming months.

Finally, the U.N. has geared up to approve trade sanctions against Iran in response to President Ahmadinejad's refusal to stand down concerning nuclear weaponry. The country insists that it's nuclear weapons purpose is for civilian use only.

For WMM Indices, our Micro Cap Index closed down 15.5 points or 1.8% and was lead byEmpire Resorts (NYNY) and Rexahn Pharmaceuticals, Inc. (RNN)

Our Nano cap index closed down 8.4 points or .88 points lead by Cereplast, (CERP) and GTX Corp (GTXO)

To view this article at World Market Media click on the link below: http://www.worldmarketmedia.com/779/section.aspx/1767/post/market-wrap-up

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