JAL Thoughted

26Sep/080

Financial Journal for September 26 2008

Stock Quotes

9/19/08 Close:

% Change from Prior Week

9/26/08 Close:

Dow Jones

11388.44

-2.2, down 245.31 pts

11143.13

NASDAQ

2273.90

-4.15, down 90.56 pts

2183.34

S&P

1255.07

-3.47, down 42.06

1213.01

Market Movers:

  • WaMu goes bankrupt
  • $700 billion bailout remains unsettled

Important Market Development Summaries:

  • Wall Street closes mixed amid bailout concerns. MSNBC.MSN.com. Sept. 26, 2008.
    • “Financial markets remained on edge Friday after the Bush administration's proposal for a $700 billion banking bailout ran into opposition from Republican lawmakers.”
  • “WaMu Fails; JPMOrgan Buys Most of Its Assets” Fox Business. Sept. 25, 2008.
    • After a wave of withdrawals, WaMu was forced to shutter its doors late Thursday night. Federal regulators seized it and most of its assets sold to JPMorgan.
      • Ahead of the Bell: WaMu seeks buyer report says. AP. Sept. 24, 2008.
        • Standard & Poor’s cuts WaMu rating to CCC from BB-.
  • Bank of America and JP Morgan now first and second largest U.S. banks. Sept. 26, 2008.

19Sep/080

Financial Journal for September 19 2008

Stock Quotes

9/12/08 Close:

% Change from Prior Week

9/19/08 Close:

Dow Jones

11421.99

-.29

11388.44

NASDAQ

2261.27

.56

2273.90

S&P

1251.70

.27

1255.07

Market Movers:

  • AIG Bailout
  • Mother-of-all Bailouts Announced
  • Lehman Brothers files for ch.11 bankruptcy, Bank of America buys Merrill Lynch
  • Fed funds rate stays unchanged at 2%

Important Market Development Summaries:

  • Fed Takes Control of AIG With $85 Billion Bailout, Sept. 16th 2008. Bloomberg.com:
    • Fed provides two-year loan and take 79.9 percent ownership.
      • This fails to calm investors and markets proceed to spiral downward.
  • U.S. stocks surge on rescue report, September 18th 2008. BBC.com:
    • Stocks rallied the most in six years on prospects the government will formulate a plan to shore up financial markets.
      • The mother-of-all bailouts set around $700 billion to buy troubled assets.
      • Ban on short-selling for 799 financial stocks is put in place. (Bloomberg.com, Sept. 19th, 2008)
    • Six of the world’s top central banks released $180 billion to increase amount of credit available.
12Sep/080

Financial Journal for September 12 2008

Stock Quotes

Friday’s Close:

9/5/08

% Change from Prior Week

Current Quotes:

9/12/08

Dow Jones

11220.96

1.76

11421.99

NASDAQ

2255.88

.238

2261.27

S&P

1242.31

.75

1251.70

Market Movers:

  • Fannie Mae and Freddie Mac
  • Hurricane Ike
  • OPEC

Important Market Development Summaries:

  • U.S. seizes Fannie and Freddie – CNNMoney.com, Sept 7, 2008
    • Government now in charge of $5 trillion in home loans.
  • Ike & OPEC Go Easy, Oil Falls 3% - IBD, Sept 10, 2008

· Washington Mutual Stock Falls on Investor Fears – NYT. Sept 11, 2008

o Largest Savings and Loan, -30%, $180 billion of mortgage-related loans w/9-14 billion in losses this year.

  • Saudis Vow To Maintain Oil Output – NYT, Sept 11, 2008
    • Oil prices hovered from decline as market remained unclear on where supplies stood
5Sep/080

Financial Journal for September 5 2008

Index: 8/29 Close; 9/5 Close; Change;

DJIA: 11,543.55; 11,220.96; -2.795%

NASDAQ: 2,367.52; 2,255.88; -4.715%

S&P: 1,282.38; 1,242.31; -3.159%

Market Movers:

  1. Concern for health of economy pulls the Dow down 3% in one day
  2. Beige book report is released
  3. Oil moves down
  4. Hurricane Gustav

Important Market Development Summaries:

New York Times (Sept. 2, 2008)

  • Dow Jones moves more than 200 points after decline in oil prices
  • Oil prices sink as Hurricane Gustav causes less damage than initially thought

Wall Street Journal (Sept. 4, 2008)

  • Fed’s Beige Book reports slowing consumer spending worrying the market because it has not declined on “quarterly basis since 1990-91.”

CNNMoney.com (Sept. 5, 2008)

  • Jobless rate soars to 6.1% at 605,000 job losses for 2008, highest in five years.

 

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