Winds and Fears Buffet East Coast

The East Coast was buffeted by a number of winds and economic fears on Friday,leaving a lot to be forgotten about for a relaxing weekend to take shape.Gusts of near 70 miles an hour-hurricane force-tore siding off a home,knocked billboards over and power lines down,and delayed flights as high wind warnings were issued and a low pressure system moved up the coastline.It's unsettled spring conditions right before the start of meteorological spring on March 1,Tuesday.
The convulsing Middle East sent a dark cloud over fretting markets on Wall Street as oil prices reached more than 98.00 a barrel in after hours trading.Friday trading was light as institutions trimmed their purchases,anxious about any weekend developments overseas while the markets are closed.Consumers are feeling the oil surge at the gas pump and struggling at the supermarket check-out as well,with commodities soaring generally.
For the week,the Dow lost 2.1%;the S&P 1.72;and the NASDAQ 1.9%.It was the S&P's biggest weekly drop since mid-November of last year.The CBOE Volatility Index,the fear index,was up 17% on the week.
Next week will see the Institute for Supply Management issue its key reports on manufacturing and service sector activity for February,as well as earnings from H.J. Heinz and the February employment report on Friday.
The S&P futures were down 1.90 on Friday evening,but the NASDAQ futures went the other direction,rising 2.25,reflecting Friday's strength in the tech sector.
German Martin Kaymer was the sole number one seed to reach the quarterfinals of the World Golf Championships Accenture Match Play Championship at the Ritz-Carlton Golf Club at Dove Mountain in Marana,Arizona,where frost can still delay play at this time of year on the oasis course.Spaniard Miguel Angel Jimenez and American Ryan Moore were also still alive in the jagged desert scenery.
H.J. Heinz(HNZ)
Update:Martin Kaymer will play England's Luke Donald in the finals of the Accenture Match Play Championship on Sunday.Americans Matt Kuchar and Bubba Watson will play in the consolation match.Kaymer,26,became the world number one when he defeated Watson in Saturday's semifinal.

I-80 Clogged,Fred Couples Shocked

While I-80 was clogged with holiday skiers seeking the powder snow falling on California's Sierra Nevada range,Fred Couples,51,was smoothly leading a PGA Tour event he has done well at over the past decade,with several top ten finishes to his name.Couples finished the second round of the Northern Trust Open at the Riviera Country Club in Pacific Palisades with an eight under 66.Two other Americans,Spencer Levin and J.B. Holmes,shared second with Australian John Senden at -6.
Couples,who plays on the Champions Tour as well,said he was shocked to be in first place,but thought his familiarity with the course gave him an edge.A fan favorite,he's been playing there for several decades now.
The stock market cruised along as well this week,unruffled by spreading unrest in the Arab world,scoring its third straight weekly gain.The S&P closed up 1.04 for the week,while the Dow rose 0.96 and the NASDAQ edged up 0.87.
Next week will see a number of retailers reporting their Q4 earnings.The S&P futures were hopeful about that,gaining 4.60 on Friday evening.The ten year Treasury futures were slightly down in price.

Market Still Strong,Tiger's Good Round

The stock market logged another good week,with the S&P notching its highest close since June 2008 on Friday,up 1.4 for the week and 0.55 for the day.Relief at the resignation of Egyptian president Hosni Mubarak helped ensure the bull market's continuation.Next week the market will have a raft of data to respond to,from manufacturing figures to retail sales,but the current momentum trade may be strong enough to overcome even a disappointing set.
In the United Arab Emirates,Tiger Woods shot an excellent 66 at the second round of the Omega Dubai Desert Classic,putting him in a tie for fifth place with four others.Northern Ireland's young star Rory McIlroy led with a -11 for the two rounds.
The Cleveland Cavaliers ended their record 26-game losing streak with a 126-119 win over the Los Angeles Clippers.
Following a bitterly cold few mornings,the Mid-Atlantic region will enter a stretch of springlike conditions,with temperatures expected to reach above 50 Fahrenheit.
The S&P futures signaled more smooth sailing for equities on Monday,rising 8.50 Friday evening,and the ten year Treasury futures prices also rose.

Market Disses Jobs Report,Egypt

The stock market was seemingly little concerned about a disappointing employment report,as well as an unfolding crisis of global import,as it logged modest gains for the week that was.The Dow added 2.27,while the NASDAQ gained 3.07 and the S&P 2.7 respectively.The paltry jobs growth of only 36,000 in January,when what is needed is well into six figures,and the struggle of Egyptians against authoritarian rule were set aside in favor of strong manufacturing and service sector data from the Institute for Supply Management,as well as a stable European situation.
Winter weather could not be dismissed at the Dallas Super Bowl site,where six people were injured by ice falling off the roof of Cowboys Stadium;nor in Scottsdale,where the Phoenix Open was delayed by yesterday's frost and subfreezing temperatures.Americans Tommy Gainey and Mark Wilson led the portion of the second round completed on Friday at -11,while Australian Geoff Ogilvy notched a third place with a -9.Phil Mickelson will play his second round Saturday.
The S&P futures warmed up 3.90 Friday evening,and the ten year Treasury futures tacked on more interest.Next week,Kraft Foods and Disney will be among those reporting earnings.
Kraft Foods(KFT),Disney(DIS)