The stock market rolled further down its losing path this week,finishing lower for the sixth straight week for the first time since 2002.The slowness of the recovery,a ballooning national debt and overseas concerns remain stumbling blocks to further appreciation of most equities as a correction drives investors into the havens of bond funds and cash again.
Opportunists scoop up bargains at such times,but profit-taking is the rule of the day,especially on the cusp of a weekend with all its inherent uncertainties.For the week,the Dow lost 1.6,and the S&P surrendered 2.2,with the NASDAQ falling 3.3.Commodities dropped on Friday as the dollar rose,as expressed by the Reuters-Jefferies CRB Index,which slipped 2.30.
The Arizona State Sun Devils didn't slip when they cuffed the Texas Longhorns 3-1 at the NCAA Super Regionals Friday evening in Austin.The first game of the best 2 out of three series was taken control of when Arizona State scored two runs in the top of the 3rd on two Texas errors and an RBI single.
In 2002 and 2005,the Longhorns lost game 1 of the Super Regionals,only to come all the way back and take the College World Series.For tonight,however,the Sun Devils' Joey DeMichele led the way to a win,going 2-4 with 2 RBIs.
At home in Arizona,wildland firefighters worked on saving small towns from a forest fire that was only 5% contained.Five hours from Phoenix,the fire may take up to 3 weeks to fully control.The communities of vacation homes,cabins and resorts will be at risk till then,and in the past it has taken such resorts 5 years to recover from a blaze of this size.
The markets will give their attention to several reports next week,including retail sales,housing starts and inflation.The S&P futures slid a further 18.20 Friday evening,and bond index futures rose on the new week's promise.
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