A major factor in depressing the market this week was the Federal Reserve Bank of Philadelphia's Business Outlook Survey for August,which covers manufacturing in Eastern Pennsylvania,Southern New Jersey and Delaware.The survey's broadest measure of manufacturing activity fell off a cliff,dropping from 3.2 in July to -30.7 in August.New factory orders,shipments and employment were all down markedly.The six month growth outlook declined to slightly favorable to expansion.
For the week,the S&P 500 Index was down 4.69.On Friday,the Reuters-Jefferies/CRB commodity index rose 3.05,reflecting an increase in agricultural and gold futures prices.The S&P 500 is now down 10.66 on the year.It is in severe correction.
Next week,the market will deal with new home sales,durable goods orders,GDP and consumer sentiment reports.The S&P futures were down a sharp 19.50 Friday evening,while bond index futures were mixed,with the ten year Treasury futures being unchanged.
Two South Koreans,Na Yeon Choi and Grace Park,led the LPGA's Safeway Classic at the Pumpkin Ridge Golf Club near Portland,Oregon after the first round on Friday.Choi shot a five under par 66;Park came in second at four under par.Coca-Cola co-sponsors the tournament.
Update:At the end of the second round on Saturday,Na Yeon Choi still led the Safeway Classic at eight under par,but American Stacy Lewis had moved into second place at five under.Grace Park fell back to fourth position,tied with Americans Ryann O'Toole and Brittany Lincicome.
Safeway(SWY),Coca-Cola(KO)
No comments:
Post a Comment