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The Markets
Back to black: Domestic equities clawed their way back into positive territory for the year, with small caps continuing to lead the way. A lackluster week with continued light volume finished strong with a 122-point jump in the Dow and the sixth straight up day for the S&P 500. Bond investors took heart from strong demand for an auction of Greek bonds.
Last Week's Headlines
- Despite expectations that February's dismal weather might also mean dismal unemployment figures, unemployment remained at 9.7% in February. The 36,000 jobs cut from nonfarm payrolls was a far cry from last year's triple-digit job losses, and hiring of temporary workers continued to increase. However, about 4 in 10 unemployed workers have been out of work for at least 27 weeks.
- Consumers opened their wallets a bit more in January. Personal spending was up 0.5%, though incomes rose only 0.1% during the month. At least some of that increased spending was the result of higher prices; personal consumption expenditures, including food and energy costs, were up 0.2% in January. Continue reading...
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