Friday, March 2, 2012

Market Quiet;Tornadoes Strike

The stock market was slightly positive this week,with the S&P 500 Index managing a gain of 0.28%.This mirrors the economy,which is growing at a leisurely pace of 1.8%,according to the latest GDP number.PIMCO's new normal hypothesis is definitely being borne out by such reports as the recovery fails to gather much steam,but is nonetheless real.The prospect of further economic stimulus from the Federal Reserve is unlikely as long as data continue on the current positive track,which leaves traders in a guarded mood in light of the Iranian situation,high oil prices and question marks in Europe.
Frankly,things are looking a bit toppy at this point,in the absence of further indications.One could come next Friday with the employment report due from the Labor Department.The Institute for Supply Management will also release its service sector data next week,but the winding down of earnings season leaves everyone feeling a little flat.
An early severe weather season is punishing the Midwest and South as tornado outbreaks from Indiana to Alabama had fatal consequences.Entire small towns were razed to the ground by fierce winds that left 31 dead in Indiana,Kentucky and Ohio.A cold air mass from the Rocky Mountains clashed with warm air,resulting in the unusually violent beginning to meteorological spring,which started March 1.
The Phoenix Suns bested the Los Angeles Clippers on Friday night at U.S. Airways Center in Phoenix.Jared Dudley,26,led the Suns to their conquest,scoring the game high 22 points,with 7 rebounds and 4 assists.For L.A.,Blake Griffin topped the stats with 17 points,7 rebounds and 1 assist.The Clippers fell to 21-12 on the year,while Phoenix still lags behind them with a record of 16-20.
The S&P futures dropped 5.70 Friday evening,while bond index futures rose.

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