Articles for September 2013

CFGIowa Weekly Economic Update September 30, 2013

HOUSEHOLDS BOOST THEIR SPENDING

August saw a 0.3% gain in personal spending, and the Commerce Department also noted a 0.4% rise in personal income – the largest monthly increase since February. Consumer spending accounts for about 70% of Gross Domestic Product (GDP), and analysts widely expect about 2% growth in Q3; Q2 growth was pegged at 2.5% last week in the federal government’s final estimate. In other economic news out of Washington, durable goods orders rose 0.1% in August, a nice change from the 8.1% dive in July.1,2

NEW HOME SALES UP, PENDING HOME SALES DOWN

July was the worst month for new home buying since October 2012, so the 7.9% sales gain in August was welcome. New home inventory rose 3.6% in August to the highest level since March 2011, the Commerce Department noted. The National Association of Realtors reported a 1.6% decline in pending home sales in August. July’s S&P/Case-Shiller Home Price Index showed a 12.4% yearly rise in home values across 20 cities – the best 12-month increase since February 2006.3,4

ASSESSMENTS OF CONSUMER SENTIMENT DIFFER

September’s Conference Board consumer confidence index came in at 79.7, down notably from the August reading of 81.8. The University of Michigan’s final consumer sentiment index for the month offered a 77.5 reading, the lowest mark for the index in almost five months; even so, it beat the final August mark of 76.8 and the Briefing.com consensus forecast of 77.0.2,5

STOCKS DIP DURING ANXIOUS WEEK

With a last-minute showdown over the federal budget looming in Congress and consumers and business owners trying to learn more about the healthcare exchanges slated to open October 1, there was a lot to concern Wall Street and Main Street last week. The Dow (-1.25 to 15,258.24) and S&P 500 (-1.06% to 1,691.75) made weekly retreats, but the NASDAQ rose 0.18% in five days to settle at 3,781.59 Friday.5

THIS WEEK: No major economic releases are scheduled for Monday; Wall Street’s eyes will be on Congress. Tuesday, Institute for Supply Management (ISM) presents its September manufacturing index, August auto sales numbers are out from the Commerce Department, and Walgreens and Global Payments present earnings. Wednesday brings ADP’s employment change report for September and earnings from Monsanto; Ben Bernanke speaks (briefly) at the St. Louis Fed. Thursday offers ISM’s September non-manufacturing index, the September Challenger job-cut report, the latest initial jobless claims figures, a report on August factory orders and earnings from Constellation Brands. Friday sees the release of the Labor Department’s September employment report.

% CHANGE

Y-T-D

1-YR CHG

5-YR AVG

10-YR AVG

DJIA

+16.44

+13.14

+7.39

+6.38

NASDAQ

+25.24

+20.56

+14.64

+11.10

S&P 500

+18.62

+16.90

+7.89

+7.18

REAL YIELD

9/27 RATE

1 YR AGO

5 YRS AGO

10 YRS AGO

10 YR TIPS

0.46%

-0.78%

2.10%

1.99%

Sources: cnbc.com, bigcharts.com, treasury.gov – 9/27/135,6,7,8

Indices are unmanaged, do not incur fees or expenses, and cannot be invested into directly.

These returns do not include dividends.


Please feel free to forward this article to family, friends or colleagues.  If you would like us to add them to our distribution list, please send us their address (click the link). We will contact them first and request their permission to add them to our list.


«RepresentativeDisclosure»

This material was prepared by MarketingLibrary.Net Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. Marketing Library.Net Inc. is not affiliated with any broker or brokerage firm that may be providing this information to you.

This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty.

The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks.

The NASDAQ Composite Index is an unmanaged, market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System.

The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. It is not possible to invest directly in an index.

NYSE Group, Inc. (NYSE:NYX) operates two securities exchanges: the New York Stock Exchange (the “NYSE”) and NYSE Arca (formerly known as the Archipelago Exchange, or ArcaEx®, and the Pacific Exchange). NYSE Group is a leading provider of securities listing, trading and market data products and services.

The New York Mercantile Exchange, Inc. (NYMEX) is the world’s largest physical commodity futures exchange and the preeminent trading forum for energy and precious metals, with trading conducted through two divisions – the NYMEX Division, home to the energy, platinum, and palladium markets, and the COMEX Division, on which all other metals trade.

Additional risks are associated with international investing, such as currency fluctuations, political and economic instability and differences in accounting standards. This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results.

Past performance is no guarantee of future results.  Investments will fluctuate and when redeemed may be worth more or less than when originally invested. All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy. All economic and performance data is historical and not indicative of future results. Market indices discussed are unmanaged. Investors cannot invest in unmanaged indices.

The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional.

Citations.

1 – boston.com/business/news/2013/09/27/consumers-boost-spending-percent-august/WyHqaMk2ryd7OwGcGLQ8kK/story.html [9/27/13]
2 – briefing.com/investor/calendars/economic/2013/09/23-27 [9/27/13]
3 – dailyfinance.com/2013/09/25/higher-mortgage-rates-dent-new-home-sales-housing-market/ [9/25/13]
4 – bloomberg.com/news/2013-09-26/pending-sales-of-existing-homes-in-u-s-decreased-1-6-in-august.html [9/26/13]
5 – tinyurl.com/m9uq9ow [9/27/13]
6 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=9%2F27%2F12&x=0&y=0 [9/27/13]
6 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=9%2F27%2F12&x=0&y=0 [9/27/13]
6 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=9%2F27%2F12&x=0&y=0 [9/27/13]
6 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=9%2F26%2F08&x=0&y=0 [9/27/13]
6 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=9%2F26%2F08&x=0&y=0 [9/27/13]
6 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=9%2F26%2F08&x=0&y=0 [9/27/13]
6 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=9%2F26%2F03&x=0&y=0 [9/27/13]
6 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=9%2F26%2F03&x=0&y=0 [9/27/13]
6 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=9%2F26%2F03&x=0&y=0 [9/27/13]
7 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield [9/27/13]
8 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyieldAll [9/27/13]


CFGIowa Weekly Economic Update September 23, 2013

NO TAPERING YET…BUT COULD IT HAPPEN SOON?

The DJIA hit an all-time high Wednesday after the Federal Reserve decided not to reduce its $85 billion monthly stimulus effort. Friday, the index lost 185 points on the heels of comments from St. Louis Fed President James Bullard (who said that QE3 could be tapered next month) and Kansas City Fed President Esther George (who said that the decision not to taper created confusion in the markets). So investors wonder: is an “Octaper” ahead? This week is data-heavy, and investors will be keeping an eye on federal budget talks in addition to any comments from Fed officials. The September FOMC minutes come out on October 9; the next Fed policy announcement occurs on October 30.1,2

RISING INTEREST RATES PROMPT HOMEBUYING

Existing home sales hit a six-year peak in August, rising 1.7% for the month in the estimate of the National Association of Realtors. The big reason? Buyers ran to lock in interest rates on mortgages before they increased further. The median price of an existing home in August was $212,100 – 14.7% higher than in August 2012. Housing starts rose 0.9% in August, according to the Commerce Department.3

CPI BARELY BUDGES IN AUGUST

Consumer inflation (as measured by the Consumer Price Index) ticked up 0.1% last month. The core CPI also rose 0.1%. Economists surveyed by Briefing.com had expected 0.2% August gains for both the headline and core indices.4

STOCKS ADVANCE FOR THIRD CONSECUTIVE WEEK

A bad Friday still left the Dow at 15,451.09 at the end of the week. Across a volatile five days, it rose 0.49%; the S&P 500 (+1.30% to 1,709.91) and NASDAQ (+1.41% to 3,774.73) both outperformed it last week.1

THIS WEEK: On Monday, Goldman Sachs, Nike and Visa join the DJIA (replacing Alcoa, Bank of America and Hewlett-Packard); Red Hat announces Q2 results. July’s S&P/Case-Shiller home price index and FHFA home price index appear Tuesday, along with the Conference Board’s September consumer confidence survey and earnings from Lennar, CarMax and KBHome. Wednesday, the Census Bureau issues August new home sales figures, the August durable goods orders report arrives, and Bed Bath & Beyond and AutoZone report earnings. Thursday brings the last estimate of Q2 GDP from the federal government, NAR’s report on August pending home sales, new initial jobless claims numbers and Q2 results from Accenture and Nike. Friday offers the University of Michigan’s final September consumer sentiment index, the August consumer spending numbers and earnings from Blackberry.

% CHANGE

Y-T-D

1-YR CHG

5-YR AVG

10-YR AVG

DJIA

+17.91

+13.64

+7.13

+6.02

NASDAQ

+25.01

+18.85

+13.20

+9.81

S&P 500

+19.89

+17.10

+7.25

+6.50

REAL YIELD

9/20 RATE

1 YR AGO

5 YRS AGO

10 YRS AGO

10 YR TIPS

0.52%

-0.70%

1.85%

2.17%

 

Sources: cnbc.com, bigcharts.com, treasury.gov – 9/20/131,5,6,7

Indices are unmanaged, do not incur fees or expenses, and cannot be invested into directly.

These returns do not include dividends.


Please feel free to forward this article to family, friends or colleagues.  If you would like us to add them to our distribution list, please send us their address (click the link). We will contact them first and request their permission to add them to our list.


Disclosure

This material was prepared by MarketingLibrary.Net Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. Marketing Library.Net Inc. is not affiliated with any broker or brokerage firm that may be providing this information to you. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks. The NASDAQ Composite Index is an unmanaged, market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System. The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. It is not possible to invest directly in an index. NYSE Group, Inc. (NYSE:NYX) operates two securities exchanges: the New York Stock Exchange (the “NYSE”) and NYSE Arca (formerly known as the Archipelago Exchange, or ArcaEx®, and the Pacific Exchange). NYSE Group is a leading provider of securities listing, trading and market data products and services. The New York Mercantile Exchange, Inc. (NYMEX) is the world’s largest physical commodity futures exchange and the preeminent trading forum for energy and precious metals, with trading conducted through two divisions – the NYMEX Division, home to the energy, platinum, and palladium markets, and the COMEX Division, on which all other metals trade. Additional risks are associated with international investing, such as currency fluctuations, political and economic instability and differences in accounting standards. This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. Past performance is no guarantee of future results.  Investments will fluctuate and when redeemed may be worth more or less than when originally invested. All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy. All economic and performance data is historical and not indicative of future results. Market indices discussed are unmanaged. Investors cannot invest in unmanaged indices. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional.

Citations.

1 – tinyurl.com/lco7mw2 [9/20/13]
2 – federalreserve.gov/whatsnext.htm [9/19/13]
3 – sfgate.com/business/bloomberg/article/Sales-of-U-S-Existing-Homes-Rise-in-August-to-4827311.php [9/19/13]
4 – briefing.com/investor/calendars/economic/2013/09/16-20 [9/20/13]
5 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=9%2F20%2F12&x=0&y=0 [9/20/13]
5 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=9%2F20%2F12&x=0&y=0 [9/20/13]
5 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=9%2F20%2F12&x=0&y=0 [9/20/13]
5 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=9%2F19%2F08&x=0&y=0 [9/20/13]
5 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=9%2F19%2F08&x=0&y=0 [9/20/13]
5 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=9%2F19%2F08&x=0&y=0 [9/20/13]
5 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=9%2F19%2F03&x=0&y=0 [9/20/13]
5 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=9%2F19%2F03&x=0&y=0 [9/20/13]
5 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=9%2F19%2F03&x=0&y=0 [9/20/13]
6 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield [9/20/13]
7 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyieldAll [9/20/13]

CFGIowa Weekly Economic Update September 16, 2013

HOUSEHOLDS BUY CAUTIOUSLY

Retail sales rose an underwhelming 0.2% in August, the Commerce Department noted Friday. Economists polled by Reuters had expected a 0.4% advance, which would have matched the July gain for the indicator. Analysts were left wondering if the subdued buying hinted at slower economic growth in the third quarter.1

INTEREST RATES WEIGH ON CONSUMER SENTIMENT

September’s preliminary Thomson Reuters/University of Michigan consumer sentiment index came in at 76.8, the poorest reading since April. Why did it descend so much from the final August reading of 82.1? Survey director Richard Curtin cited a “cooling housing market” and “growing concerns that higher interest rates will diminish the pace of economic growth as well as job gains.”2

WHOLESALE INFLATION UP 0.3% IN AUGUST

This gain in the Producer Price Index exceeded the 0.2% rise forecast by economists surveyed by Reuters. The core PPI was flat for August. Annualized wholesale inflation was running at just 1.4% last month.1,3

DOW HAS BEST WEEK SINCE JANUARY

As fears about missile strikes on Syria eased last week, stocks rose in advance of the Federal Reserve’s upcoming policy statement. The CBOE VIX fell 10.66% in five days, and the Dow climbed 3.04% during its second-best week of 2013 to settle at 15,376.06 Friday. The NASDAQ (+1.70% to 3,722.18) and S&P 500 (+1.98% to 1,687.99) also had solid weeks. While all three indices are up more than 3% so far in September, the Russell 2000 is ahead of them all (+4.26% MTD at Friday’s close).1

THIS WEEK: Monday brings the Federal Reserve’s report on August industrial output. The August Consumer Price Index comes out Tuesday, along with September’s NAHB Housing Market Index and earnings from Adobe Systems. On Wednesday, global markets will respond to an eagerly anticipated Fed policy statement and press conference; the Census Bureau provides data on August housing starts and building permits, and earnings reports arrive from FedEx, General Mills and Oracle. Thursday offers quarterly results from Rite Aid and ConAgra, August existing home sales numbers, and the latest initial jobless claims figures. The new iPhones are in stores on Friday, and that also happens to be a quadruple witching day.

% CHANGE

Y-T-D

1-YR CHG

5-YR AVG

10-YR AVG

DJIA

+17.34

+13.56

+6.92

+6.23

NASDAQ

+23.27

+17.95

+12.92

+10.07

S&P 500

+18.36

+15.62

+6.97

+6.57

REAL YIELD

9/13 RATE

1 YR AGO

5 YRS AGO

10 YRS AGO

10 YR TIPS

0.80%

-0.72%

1.79%

2.18%

 

Sources: cnbc.com, bigcharts.com, treasury.gov – 9/13/131, 4, 5, 6

Indices are unmanaged, do not incur fees or expenses, and cannot be invested into directly.

These returns do not include dividends.


Please feel free to forward this article to family, friends or colleagues.  If you would like us to add them to our distribution list, please send us their address (click the link). We will contact them first and request their permission to add them to our list.


«RepresentativeDisclosure»

This material was prepared by MarketingLibrary.Net Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. Marketing Library.Net Inc. is not affiliated with any broker or brokerage firm that may be providing this information to you.

This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty.

The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks.

The NASDAQ Composite Index is an unmanaged, market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System.

The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. It is not possible to invest directly in an index.

NYSE Group, Inc. (NYSE:NYX) operates two securities exchanges: the New York Stock Exchange (the “NYSE”) and NYSE Arca (formerly known as the Archipelago Exchange, or ArcaEx®, and the Pacific Exchange). NYSE Group is a leading provider of securities listing, trading and market data products and services.

The New York Mercantile Exchange, Inc. (NYMEX) is the world’s largest physical commodity futures exchange and the preeminent trading forum for energy and precious metals, with trading conducted through two divisions – the NYMEX Division, home to the energy, platinum, and palladium markets, and the COMEX Division, on which all other metals trade.

Additional risks are associated with international investing, such as currency fluctuations, political and economic instability and differences in accounting standards. This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. Past performance is no guarantee of future results.  Investments will fluctuate and when redeemed may be worth more or less than when originally invested.

All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy.

All economic and performance data is historical and not indicative of future results. Market indices discussed are unmanaged. Investors cannot invest in unmanaged indices.

The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional.

Citations.

1 – tinyurl.com/kvcdr7a [9/13/13]
2 – dailyfinance.com/2013/09/13/consumer-confidence-economy-falls-interest-rates-housing-market/ [9/13/13]
3 – bls.gov/news.release/ppi.nr0.htm [9/13/13]
4 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=9%2F13%2F12&x=0&y=0 [9/13/13]
4 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=9%2F13%2F12&x=0&y=0 [9/13/13]
4 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=9%2F13%2F12&x=0&y=0 [9/13/13]
4 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=9%2F12%2F08&x=0&y=0 [9/13/13]
4 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=9%2F12%2F08&x=0&y=0 [9/13/13]
4 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=9%2F12%2F08&x=0&y=0 [9/13/13]
4 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=9%2F12%2F03&x=0&y=0 [9/13/13]
4 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=9%2F12%2F03&x=0&y=0 [9/13/13]
4 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=9%2F12%2F03&x=0&y=0 [9/13/13]
5 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield [9/13/13]
6 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyieldAll [9/13/13]


CFGIowa Weekly Economic Update September 9, 2013

BENEATH THE SURFACE, A DISQUIETING JOBS REPORT

In August, the U.S. unemployment rate declined to 7.3% with the economy adding 169,000 jobs. Not bad, but details in the Labor Department’s latest report also raised caution flags: the jobless rate fell only because more people gave up the hunt for work, as the labor force participation rate of 63.2% was the poorest in 35 years. June and July hiring was revised downward, with just 104,000 new jobs in July (the weakest hiring in 13 months) and just 148,000 per month from June through August, compared to 184,000 per month in the preceding 12 months. Will the Federal Reserve postpone tapering after jobs data like this?1

FURTHER FACTORY & SERVICE SECTOR GROWTH

Both of the Institute for Supply Management’s August purchasing manager indexes showed robust sector expansion. The August non-manufacturing PMI surged 2.6% to 58.6; analysts polled by MarketWatch forecast it to dip 1.0% to 55.0. As for the Institute’s factory-sector PMI, it rose another 0.3% in August to 55.7.2

NEW BEIGE BOOK: LARGELY “MODERATE” EXPANSION

In its latest anecdotal survey of economic conditions, that very adjective was used to characterize growth in three-quarters of Federal Reserve districts. In the big picture, the Beige Book noted solid auto and home buying that fostered an increase in consumer spending, but also “weakened” lending.3

AT LAST, A WINNING WEEK

The Dow snapped a 4-week losing streak by advancing 0.76% during September 3-6.  It settled Friday at 14,922.50, and its weekly gain was bettered by both the NASDAQ (+1.95% to 3,660.01) and the S&P 500 (+1.36% to 1,655.17). In after-hours trading Friday, the yield on the 10-year Treasury topped 3% for the first time since 2011.4

THIS WEEK: On Monday, Congress returns from its summer recess to consider a strike on Syria; Hovnanian and Pep Boys present Q2 results. Apple holds a “special event” Tuesday, likely unveiling new products. Men’s Wearhouse announces Q2 results on Wednesday, and the Census Bureau presents data on July wholesale inventories. Besides a new report on initial jobless claims, Thursday also offers earnings from Lululemon, Ulta Salon and Kroger. Friday brings a wave of data from Washington – the August Producer Price Index, August retail sales numbers and July business inventories – and the preliminary September consumer sentiment index from the University of Michigan.

% CHANGE

Y-T-D

1-YR CHG

5-YR AVG

10-YR AVG

DJIA

+13.88

+12.27

+6.60

+5.70

NASDAQ

+21.21

+16.72

+12.45

+9.70

S&P 500

+16.06

+15.57

+6.65

+6.21

REAL YIELD

9/6 RATE

1 YR AGO

5 YRS AGO

10 YRS AGO

10 YR TIPS

0.87%

-0.63%

1.71%

2.17%

 

Sources: cnbc.com, bigcharts.com, treasury.gov – 9/6/134, 5, 6, 7

Indices are unmanaged, do not incur fees or expenses, and cannot be invested into directly.

These returns do not include dividends.


Please feel free to forward this article to family, friends or colleagues.  If you would like us to add them to our distribution list, please send us their address (click the link). We will contact them first and request their permission to add them to our list.


Disclosure

This material was prepared by MarketingLibrary.Net Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. Marketing Library.Net Inc. is not affiliated with any broker or brokerage firm that may be providing this information to you.

This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty.

The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks.

The NASDAQ Composite Index is an unmanaged, market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System.

The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. It is not possible to invest directly in an index.

NYSE Group, Inc. (NYSE:NYX) operates two securities exchanges: the New York Stock Exchange (the “NYSE”) and NYSE Arca (formerly known as the Archipelago Exchange, or ArcaEx®, and the Pacific Exchange). NYSE Group is a leading provider of securities listing, trading and market data products and services.

The New York Mercantile Exchange, Inc. (NYMEX) is the world’s largest physical commodity futures exchange and the preeminent trading forum for energy and precious metals, with trading conducted through two divisions – the NYMEX Division, home to the energy, platinum, and palladium markets, and the COMEX Division, on which all other metals trade.

Additional risks are associated with international investing, such as currency fluctuations, political and economic instability and differences in accounting standards. This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. Past performance is no guarantee of future results.  Investments will fluctuate and when redeemed may be worth more or less than when originally invested.

All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy.

All economic and performance data is historical and not indicative of future results. Market indices discussed are unmanaged. Investors cannot invest in unmanaged indices.

The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional.

Citations.

1 – latimes.com/business/money/la-fi-mo-jobs-federal-reserve-stimulus-unemployment-economy-20130906,0,5880212.story [9/6/13]
2 – marketwatch.com/economy-politics/calendars/economic [9/6/13]
3 – forbes.com/sites/steveschaefer/2013/09/04/feds-beige-book-housing-autos-pace-growth-but-lending-weakens/ [9/4/13]
4 – tinyurl.com/lp244bl [9/6/13]
5 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=9%2F6%2F12&x=0&y=0 [9/6/13]
5 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=9%2F6%2F12&x=0&y=0 [9/6/13]
5 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=9%2F6%2F12&x=0&y=0 [9/6/13]
5 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=9%2F5%2F08&x=0&y=0 [9/6/13]
5 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=9%2F5%2F08&x=0&y=0 [9/6/13]
5 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=9%2F5%2F08&x=0&y=0 [9/6/13]
5 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=9%2F5%2F03&x=0&y=0 [9/6/13]
5 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=9%2F5%2F03&x=0&y=0 [9/6/13]
5 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=9%2F5%2F03&x=0&y=0 [9/6/13]
6 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield [9/6/13]
7 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyieldAll [9/6/13]

CFGIowa Monthly Economic Update August 2013

THE MONTH IN BRIEF

August threw all kinds of challenges at stocks, and stocks retreated from them. Lackluster economic indicators, resignation that the Federal Reserve might soon taper its stimulus, rising yields on the 10-year note, a bit of cooling in the red-hot housing market, and the threat of U.S. military involvement in Syria all combined to keep the S&P 500 in check. The index slipped 3.13% during the poorest month for U.S. equities since May 2012; gold, silver, oil and the dollar fared much better.1

DOMESTIC ECONOMIC HEALTH

Most of August’s best economic indicators arrived in the first half of the month. The unemployment rate fell to 7.4% in July, with hiring at a decent pace (payrolls expanding by 162,000 new jobs). The Institute for Supply Management’s July manufacturing PMI showed a reading of 55.4, its service sector PMI a reading of 56.0. Retail sales were up 0.2% in July, with core retail sales (minus volatile car, gas and home improvement purchases) up 0.5%. Toward the end of the month, the Commerce Department revised Q2 GDP up to 2.5% from the initial estimate of 1.7%, a big change from 1.1% growth in Q1 and 0.1% growth in Q4 2012.2,3,4,5

Consumer spending, however, had nudged up just 0.1% in July – economists polled by Reuters had expected a 0.3% rise. Consumer sentiment fell to 82.1 in the final August University of Michigan survey (though the August Conference Board poll showed a 1.4% gain to 81.5). Hard goods orders plunged 7.3% in July after a 3.9% setback in June.1,6

Inflation pressure moderated, however – the overall Consumer Price Index rose 0.2% for July, and so did the core CPI. Year-over-year, the headline CPI advance was 2.0%. The Producer Price Index went flat for July with the core PPI up 0.1%; annualized wholesale inflation was running at 2.1%.7,8

President Obama called for the phase-out of Fannie Mae and Freddie Mac in August, proposing their replacement in the coming years with a new system reliant on private sector purchases of mortgages from lenders, with private capital bearing the bulk of any losses. According to White House officials, new federal government guarantees would help to preserve the fixed-rate 30-year home loan under these circumstances. The Obama administration’s idea of giving private capital a greater role in mortgage lending has bipartisan support – legislation sponsored by Sen. Bob Corker (R-TN) and Sen. Mark Warner (D-VA) is already making its way through Congress – but no real timeline for change has emerged.9

The NASDAQ exchange suffered a “flash freeze” in late August, with a software malfunction interrupting all trades for three hours. NASDAQ took full blame for the snafu, which revived an old debate about the risks of computer-driven trading.10

GLOBAL ECONOMIC HEALTH

On August 26, Secretary of State John Kerry stated that Syria’s government had used chemical weapons against its own people. On August 27, the U.S. and other nations were publicly considering a military response and global markets were beset by volatility – on that day, NYMEX crude topped $109 a barrel, the Dow fell 170 points, the CBOE VIX rose 12%, gold went back into a bull market and emerging market stocks hit a 7-week low. Fears of $150 oil emerged. President Obama requested a vote in Congress authorizing an attack on Syria; House and Senate leaders intend to vote on the matter in the week of September 9-13.11,12

August also saw the slide of India’s benchmark currency, the rupee. It had its worst month in 21 years, dropping 8.1% versus the dollar as a $2.2 billion exodus occurred from India’s stock and bond markets over fears of an economic slowdown. Worries about Syria and the related jump in oil prices simply made things worse. How much worse? The rupee’s August decline widened the Indian government’s account deficit so badly (to nearly $90 billion) that the Reserve Bank of India said it would supply dollars directly to local oil importers. Reuters reported that the RBI was seriously considering directing commercial banks to buy gold from private citizens. In better news from the Asia-Pacific region, the official China factory PMI rose to 51.0 in August, a 16-month peak.13,14,15

WORLD MARKETS

There were a few notable August advances – TSX Composite, +1.34%; Shanghai Composite, +5.25%; Bovespa, +3.68%. Retreats were more numerous – Hang Seng, -0.70%; Nikkei 225, -2.04%; IPC All-Share, -3.29%; Sensex, -3.75%; DAX, -2.09%; CAC 40, -1.48%; FTSE 100, -3.14%. Multi-country indices also pulled back: the Global Dow lost 2.33% for August, the Asia Dow 1.87%, the MSCI World Index 2.33% and the MSCI Emerging Markets Index 1.90%.16,17i COmposite : the TSX Composite (-2.30%), the  gan’

COMMODITIES MARKETS

Investors certainly renewed their appetites for precious metals in August. When it was all said and done, the month saw major gains for silver (19.02%), platinum (6.85%) and gold (4.54%), with gold settling August 30 at $1,396.10 an ounce. Copper, too, gained 4.20% on the month. NYMEX crude finished August at $107.65 per barrel, a 2.32% monthly gain. Natural gas futures advanced 5.80%. In contrast, unleaded gasoline prices managed to fall 0.61%. Soybeans rose 3.97% in August, and cocoa 4.44%; their fortunes were not mirrored by corn (-1.95%), cotton (-2.37%) or wheat (-3.42%). The 7.12% single-month jump in the U.S. Dollar Index was hardly surprising; it finished August at 82.03.18,19

REAL ESTATE

Home buying statistics seemed to show the influence of rising mortgage rates. The National Association of Realtors said existing home sales went +6.5% in July with the sales rate stronger than at any time since March 2007 – but the Census Bureau had new home sales down 13.4% in that month. New home buyers faced higher mortgage rates as they assumed loans for housing yet to be completed. For the record, NAR also noted a 1.3% drop in pending home sales in July.6,20

June’s overall S&P/Case-Shiller Home Price Index had home values rising 12.1% in 12 months, as opposed to 12.2% in the May edition. The Census Bureau said both building permits (+2.7%) and housing starts (+5.9%) increased for July.6,21

Where were mortgage rates at as August ended? Well, between August 1 and August 29, the average interest rate on the 30-year FRM went from 4.39% to 4.51%. As for other loan types across that interval, average rates on 15-year FRMs rose to 3.54% from 3.43%; 5/1-year ARMs saw average rates move from 3.18% to 3.24%. Average rates on the 1-year ARM were at 2.64% in both surveys.22

LOOKING BACK…LOOKING FORWARD

The Dow also had its worst month since May 2012, ending August at 14,810.31. The NASDAQ concluded the month at 3,589.87, the S&P 500 at 1,632.97, and the Russell 2000 at 1,010.90 (going -3.29% in August). The CBOE VIX rose 26.10% to 16.96.1

% CHANGE

YTD

1-MO CHG

1-YR CHG

10-YR AVG

DJIA

+13.02

-4.45

+13.92

+5.73

NASDAQ

+18.89

-1.01

+17.75

+9.83

S&P 500

+14.50

-3.13

+16.68

+6.20

REAL YIELD

6/28 RATE

1 YR AGO

5 YRS AGO

10 YRS AGO

10 YR TIPS

0.68%

-0.63%

1.68%

2.29%

Sources: cnbc.com, bigcharts.com, treasury.gov – 8/30/131,23,24

are unmanaged, do not incur fees or expenses, and cannot be invested into directly.

returns do not include dividends.

The Syria crisis has brought the potential for severe volatility back to Wall Street. Will its impact on stocks be brief and less significant than assumed? Will it prompt a short-term pause in the bull market? Or could things escalate, and rattle investor confidence to the point where YTD gains are severely threatened? This could be the biggest test of the year for equities, and yet stateside there is still a prevalent optimism that the economy is on the way back and that the recovery can continue with less help from the Fed. The current bull market has held up through four years of challenges; let’s hope that it can weather this one and celebrate a fifth anniversary next March.

UPCOMING ECONOMIC RELEASES:

September’s roster of key economic announcements looks like this: the August ISM manufacturing index (9/3), a new Federal Reserve Beige Book (9/4), the August ISM non-manufacturing index, the August Challenger job-cut and ADP employment reports and July factory orders (9/5), the Labor Department’s August jobs report (9/6), July wholesale inventories (9/11), the University of Michigan’s initial September consumer sentiment index, August retail sales, July business inventories and the August PPI (9/13), August industrial output (9/16), the August CPI and the September NAHB housing market index (9/17), the September Fed policy announcement and August housing starts and building permits (9/18), August existing home sales and the Conference Board’s August index of leading indicators (9/19), July’s Case-Shiller home price index, the Conference Board’s September consumer confidence survey  and the August FHFA housing price index (9/24), August new home sales and durable goods orders (9/25), August pending home sales and the federal government’s final take on Q2 GDP (9/26), and then the Commerce Department’s report on August consumer spending and the final September University of Michigan consumer sentiment index (9/27).


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«RepresentativeDisclosure»

This material was prepared by MarketingLibrary.Net Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. Marketing Library.Net Inc. is not affiliated with any broker or brokerage firm that may be providing this information to you.

This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is not a solicitation or recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such.

The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks.

The NASDAQ Composite Index is an unmanaged, market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System.

The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. It is not possible to invest directly in an index.

NYSE Group, Inc. (NYSE:NYX) operates two securities exchanges: the New York Stock Exchange (the “NYSE”) and NYSE Arca (formerly known as the Archipelago Exchange, or ArcaEx®, and the Pacific Exchange). NYSE Group is a leading provider of securities listing, trading and market data products and services.

The New York Mercantile Exchange, Inc. (NYMEX) is the world’s largest physical commodity futures exchange and the preeminent trading forum for energy and precious metals, with trading conducted through two divisions – the NYMEX Division, home to the energy, platinum, and palladium markets, and the COMEX Division, on which all other metals trade.

The S&P/TSX Composite Index is an index of the stock (equity) prices of the largest companies on the Toronto Stock Exchange (TSX) as measured by market capitalization.

The SSE Composite Index is an index of all stocks (A shares and B shares) that are traded at the Shanghai Stock Exchange.

The Bovespa Index is a gross total return index weighted by traded volume & is comprised of the most liquid stocks traded on the Sao Paulo Stock Exchange.

The Hang Seng Index is a freefloat-adjusted market capitalization-weighted stock market index that is the main indicator of the overall market performance in Hong Kong.

Nikkei 225 (Ticker: ^N225) is a stock market index for the Tokyo Stock Exchange (TSE). The Nikkei average is the most watched index of Asian stocks.

The Mexican IPC index (Indice de Precios y Cotizaciones) is a major stock market index which tracks the performance of leading companies listed on the Mexican Stock Exchange. It is made up of a selection of shares that are representative of all the shares listed on the exchange from various sectors across the economy.

The BSE SENSEX (Bombay Stock Exchange Sensitive Index), also-called the BSE 30 (BOMBAY STOCK EXCHANGE) or simply the SENSEX, is a free-float market capitalization-weighted stock market index of 30 well-established and financially sound companies listed on the Bombay Stock Exchange (BSE).

The DAX 30 is a Blue Chip stock market index consisting of the 30 major German companies trading on the Frankfurt Stock Exchange.

The CAC-40 Index is a narrow-based, modified capitalization-weighted index of 40 companies listed on the Paris Bourse.

The FTSE 100 Index is a share index of the 100 companies listed on the London Stock Exchange with the highest market capitalization.

The Asia Dow measures the Asia equity markets by tracking 30 leading blue-chip companies in the region.

The Global Dow is a 150-stock index of corporations from around the world created by Dow Jones & Company.

The MSCI World Index is a free-float weighted equity index that includes developed world markets, and does not include emerging markets. The MSCI Emerging Markets Index is a float-adjusted market capitalization index consisting of indices in more than 25 emerging economies.

The US Dollar Index measures the performance of the U.S. dollar against a basket of six currencies.

Additional risks are associated with international investing, such as currency fluctuations, political and economic instability and differences in accounting standards. This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. Past performance is no guarantee of future results.  Investments will fluctuate and when redeemed may be worth more or less than when originally invested.

All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy. All economic and performance data is historical and not indicative of future results. Market indices discussed are unmanaged. Investors cannot invest in unmanaged indices. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional.

Citations.

1 – tinyurl.com/p4put9e [8/30/13]
2 – ncsl.org/issues-research/labor/national-employment-monthly-update.aspx  [8/2/13]
3 – ism.ws/ISMReport/NonMfgROB.cfm [8/5/13]
4 – marketwatch.com/story/us-second-quarter-growth-boosted-to-25-2013-08-29 [8/29/13]
5 – nytimes.com/2013/08/14/business/economy/july-retail-sales-rose-0-2-despite-a-drop-in-auto-sales.html [8/14/13]
6 – marketwatch.com/Economy-Politics/Calendars/Economic [9/1/13]
7 – marketwatch.com/story/us-consumer-price-index-rises-02-in-july-2013-08-15-8913010 [8/15/13]
8 – nasdaq.com/article/us-ppi-flat-in-july-core-ppi-up-01-cm267531 [8/14/13]
9 – dailyfinance.com/2013/08/06/obama-shuttdown-freddie-mac-fannie-mae-mortgages/ [8/6/13]
10 – investorplace.com/2013/08/nasdaq-accepts-blame-for-flash-freeze/ [8/30/13]
11 – marketwatch.com/story/syria-intervention-fears-hit-global-markets-2013-08-27 [8/27/13]
12 – tinyurl.com/lexe8vw [9/1/13]
13 – bloomberg.com/news/2013-08-30/india-s-rupee-set-for-worst-month-since-1992-on-slowdown-concern.html [8/30/13]
14 – reuters.com/article/2013/08/29/us-india-economy-gold-idUSBRE97S0IW20130829 [9/1/13]
15 – reuters.com/article/2013/09/01/us-china-economy-pmi-idUSBRE98000H20130901 [9/1/13]
16 – online.wsj.com/mdc/public/page/2_3024-m_globalstockindexes.html [9/1/13]
17 – mscibarra.com/products/indices/international_equity_indices/gimi/stdindex/performance.html [8/30/13]
18 – money.cnn.com/data/commodities/ [9/1/13]
19 – online.wsj.com/mdc/public/npage/2_3050.html?mod=mdc_curr_dtabnk&symb=DXY [9/1/13]
20 – blog.comerica.com/2013/08/23/july-new-and-existing-home-sales/ [8/23/13]
21 – census.gov/construction/nrc/pdf/newresconst.pdf [8/16/13]
22 – freddiemac.com/pmms [9/1/13]
23 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=8%2F30%2F12&x=0&y=0 [8/30/13]
23 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=8%2F30%2F12&x=0&y=0 [8/30/13]
23 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=8%2F30%2F12&x=0&y=0 [8/30/13]
23 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=8%2F29%2F03&x=0&y=0 [8/30/13]
23 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=8%2F29%2F03&x=0&y=0 [8/30/13]
23 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=8%2F29%2F03&x=0&y=0 [8/30/13]
24 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyieldYear&year=2013 [9/1/13]

CFGIowa Weekly Economic Update September 2, 2013

Q2 GDP REVISED UP, CONSUMERS SPEND A BIT MORE

Personal spending and personal incomes each rose 0.1% in July, the Commerce Department stated Friday. The tiny household spending advance fell short of the 0.3% increase forecast by economists polled by Bloomberg. In better news, the Commerce Department adjusted its estimate of Q2 GDP to 2.5% last week, much better than its original 1.7% assessment.1,2

A MIXED PICTURE OF CONSUMER CONFIDENCE

The Conference Board’s August consumer confidence index unexpectedly rose half a point to 81.5 this month (although the survey data was compiled prior to the chemical attack against civilians in Syria). In contrast, the final August consumer sentiment index from the University of Michigan came in at 82.1, a 4-month low.1,2

PENDING HOME SALES, HOME PRICE GAINS MODERATE

July saw a 1.3% decline in housing contract activity, according to the National Association of Realtors. The June edition of the S&P/Case-Shiller Home Price Index recorded a 12.1% overall annualized increase in home values and a 0.9% overall monthly rise in prices (the smallest monthly gain since November).2,3

HARD GOODS ORDERS DIP 7.3% FOR JULY

Economists did not see this coming. The Commerce Department announced the biggest one-month descent in the indicator in a year last week, with core durables (minus defense and airplane orders) slipping 3.3%.4

GOLD & OIL PRICES SURGE, STOCKS SLIP

With U.S. military intervention in Syria appearing close at hand, NYMEX crude ended the week up at $107.65, going +2.24% for August. Gold settled at $1,396.10 Friday; it entered a bull market once again, rising 5.26% on the month. Stocks declined: the Dow went -1.33% on the week to close at 14,810.31 Friday, and the NASDAQ (-1.86% to 3,589.87) and S&P 500 (-1.84% to 1,632.97) followed suit.5,6

THIS WEEK: Monday is Labor Day; U.S. financial markets are closed. The August ISM manufacturing index comes out Tuesday, as well as earnings from H&R Block. Wednesday sees the release of a new Federal Reserve Beige Book and Q2 results from Dollar General. Thursday brings the latest round of initial jobless claims, a new ADP employment report and Challenger job-cut report, the July factory orders report and the ISM non-manufacturing index for August; a two-day G20 summit also begins. Friday, the Labor Department issues unemployment figures for August and Smithfield Foods and Mattress Firm announce earnings.

% CHANGE

Y-T-D

1-YR CHG

5-YR AVG

10-YR AVG

DJIA

+13.02

+13.92

+5.66

+5.73

NASDAQ

+18.89

+17.75

+10.33

+9.83

S&P 500

+14.50

+16.68

+5.46

+6.20

REAL YIELD

8/30 RATE

1 YR AGO

5 YRS AGO

10 YRS AGO

10 YR TIPS

0.68%

-0.63%

1.68%

2.29%

 

Sources: cnbc.com, bigcharts.com, treasury.gov – 8/30/136,7,8,9

Indices are unmanaged, do not incur fees or expenses, and cannot be invested into directly.

These returns do not include dividends.


Please feel free to forward this article to family, friends or colleagues.  If you would like us to add them to our distribution list, please send us their address (click the link). We will contact them first and request their permission to add them to our list.


Disclosure

This material was prepared by MarketingLibrary.Net Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. Marketing Library.Net Inc. is not affiliated with any broker or brokerage firm that may be providing this information to you. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty.

The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks.

The NASDAQ Composite Index is an unmanaged, market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System.

The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. It is not possible to invest directly in an index.

NYSE Group, Inc. (NYSE:NYX) operates two securities exchanges: the New York Stock Exchange (the “NYSE”) and NYSE Arca (formerly known as the Archipelago Exchange, or ArcaEx®, and the Pacific Exchange). NYSE Group is a leading provider of securities listing, trading and market data products and services.

The New York Mercantile Exchange, Inc. (NYMEX) is the world’s largest physical commodity futures exchange and the preeminent trading forum for energy and precious metals, with trading conducted through two divisions – the NYMEX Division, home to the energy, platinum, and palladium markets, and the COMEX Division, on which all other metals trade.

Additional risks are associated with international investing, such as currency fluctuations, political and economic instability and differences in accounting standards. This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. Past performance is no guarantee of future results.  Investments will fluctuate and when redeemed may be worth more or less than when originally invested.

All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy. All economic and performance data is historical and not indicative of future results. Market indices discussed are unmanaged. Investors cannot invest in unmanaged indices.

The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional.

Citations.

1 – bloomberg.com/news/2013-08-30/consumer-spending-in-u-s-increased-in-july-for-a-third-month.html [8/30/13]
2 – bloomberg.com/news/2013-08-29/consumer-comfort-in-u-s-declines-to-a-more-than-four-month-low.html [8/29/13]
3 – usatoday.com/story/money/business/2013/08/27/case-shiller-index-june/2705137/ [8/27/13]
4 – online.wsj.com/article/BT-CO-20130826-706196.html [8/26/13]
5 – money.cnn.com/data/commodities/ [8/30/13]
6 – tinyurl.com/p4put9e [8/30/13]
7 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=8%2F30%2F12&x=0&y=0 [8/30/13]
7 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=8%2F30%2F12&x=0&y=0 [8/30/13]
7 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=8%2F30%2F12&x=0&y=0 [8/30/13]
7 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=8%2F29%2F08&x=0&y=0 [8/30/13]
7 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=8%2F29%2F08&x=0&y=0 [8/30/13]
7 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=8%2F29%2F08&x=0&y=0 [8/30/13]
7 – bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=8%2F29%2F03&x=0&y=0 [8/30/13]
7 – bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=8%2F29%2F03&x=0&y=0 [8/30/13]
7 – bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=8%2F29%2F03&x=0&y=0 [8/30/13]
8 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield [8/30/13]
9 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyieldAll [8/30/13]