|Above: Madness, or the stock market over the past week.|
Friday, August 12, 2011
Since the S&P downgrade, the US stock market has been on an absolutely wild ride, yet, as of 12pm on Friday, wound up at roughly the same place that it started the week at. The market is up 200 points so far today, and that's largely on two pieces of good news. First, unemployment claims unexpectedly dropped, falling below 400,000 for the first time since April. Then, retail sales grew .5% over the past month, higher than expected. However, consumer sentiment dropped, reaching its lowest levels since August of 1980. Oh, and that's just today - the past week included even more conflicting reports, capping an insane week of Wall Street that saw the first ever net swing of 400 points for four days in a row.
A crystal ball would be really useful right now.