Quote of the week. “To succeed in life, you need three things: a wishbone, a backbone and a funny bone.”– Reba McEntire
Attention on Europe(and the Senate). The euro thankfully rose for three straight days last week, after hitting a four-year low after German chancellor Angela Merkel commented that the EU/IMF debt bailout had “done no more than buy time” to fix the crisis. Thursday evening, the Senate passed its version of the financial industry reform bill; the next step is reconciliation with the House version. Stocks were hit hard early in the week, but managed Friday gains; a late rally took the Dow north 125 points.1,2,3
Consumer, producer prices retreat. This was surprising: the CPI declined 0.1% in April as energy prices fell by 1.4%. The PPI also decreased 0.1%. The Commerce Department reported a 0.9% year-over-year increase in the CPI, well below the Federal Reserve’s annual inflation target of 1.5-2.0%.4,5
Indicators streak ends. The Conference Board’s index of leading indicators slipped 0.1% last month, the first dip since March 2009. Economists surveyed by Thomson Reuters had forecast a 0.2% increase.6
Housing starts rise, permits fall.Overall housing starts increased by 5.8% in April to the highest level since October 2008, with a 10.0% rise in single-family construction. However, the Commerce Department had building permits down by 11.5% - an effect of expiring federal tax credits.7
Bulls try to hold their ground. All three major U.S.indices slipped between 4-5% last week. However, the S&P rose 1.50% Friday to end the week at 1,087.69. At Friday’s close, the Dow was at 10,193.39 and the NASDAQ at 2,229.04.8
Indices are unmanaged, do not incur fees or expenses, and cannot be
invested into directly. These returns do not include dividends.
Riddle of the week. The railings on a 60-yard-long walkway have ornamental sculptures every 12 yards on both sides, starting at the east and west ends of the walkway. How many total sculptures are there on the walkway?
Contact my office or see next week’s Update for the answer.
Last week’s riddle:What number logically comes next in this series: 2, 3, 5, 9, 17, __.
Last week’s riddle answer:33. (The difference between the two numbers is progressively multiplied by 2 and added to the next number.)
C.W. Copeland "Your Personal CFO" C.W. Copeland & Associates Lifestyle Management Advisors 3401 Norman Berry Drive Suite 253 East Point, GA 30344 404.567.3275 (direct) 404.601.9534 (fax) www.PhDinMoney.com
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A degreed engineer (in a past life) business owner, business development coach, project manger, and organizational strategist with a strong background in surveillance, ES&H redesign, project management, process engineering, organizational operations, management, business law, and ISO internal auditing. Am an organzing member of NSBE-AE, Organizing Board member Greenwood Festival Chorale, former Omega Psi Phi Graduate Chapter President (Baselius) a former Shelter BOD Chair, a former Regional Chair, former Lander Board of Visitors Member, former Chamber BOD member, as well as many other organizational leadership positions. Owner Spearman Enterprises and Managing Partner Top Flight LLC.