Geithner’s Novel Plan, Mixed Monday, Oil Dips

  • February 2, 2009
  • Dave Goodboy

New Treasury Secretary, Timothy Geithner announced that his novel bailout plan will be unveiled next week. It will include provisions to assist struggling mortgage holders, executive bonus controls, and details on the potential bad bank to hold toxic assets. Oil dipped dramatically in response to the overall consumer spending slowdown while stocks closed mixed on the day. The DJIA gave back -64.11 to 7936.75, the Nasdaq added +18.01 to 1494.43 and the broad bases S&P 500 slipped just -0.45 to 825.43.

Macy’s
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NYSE Euronext
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Gannett
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Akamai Tech
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Oil dropped $1.60 to $40.40, gold was smacked down $21.20 to $907.20 and the VIX fear index added 5.18% to 44.84.

Market Snapshot

Dow

 -64.11 7936.75

NASDAQ

 +18.01 1494.43

S&P 500

 -0.45 825.43

Economic
News

Personal Income (Dec): Consensus: -0.4%, Prior: -0.4%, Revised From: -0.2%

Personal Spending (Dec): Consensus: -0.9%, Prior: -0.8%, Revised From: -0.6%

Construction Spending (Dec): Consensus: -1.2%, Prior: -0.6%

ISM Index (Jan): Consensus: 32.5, Prior: 32.4

Pending Home Sales (Dec): Consensus: 0.0%, Prior: -4.0%

Auto Sales (Jan): Consensus: NA, Prior: NA

Truck Sales (Jan): Consensus: NA, Prior: NA

ADP Employment Change (Jan): Consensus: -515K, Prior: -693K

ISM Services (Jan): Consensus: 39.0, Prior: 40.1

Crude Inventories (Jan. 30): Consensus: NA, Prior: 6.2M

Initial Claims (Jan. 31): Consensus: 592K, Prior: 588K

Productivity-Prel (Q4): Consensus: 1.0%, Prior: 1.3%

Unit Labor Costs (Q4): Consensus: 3.0%, Prior: 2.8%

Factory Orders (Dec): Consensus: -3.0%, Prior: -4.6%

Average Workweek (Jan): Consensus: 33.3, Prior: 33.3

Hourly Earnings (Jan): Consensus: 0.3%, Prior: 0.3%

Nonfarm Payrolls (Jan): Consensus: -500K, Prior: -524K

Unemployment Rate (Jan): Consensus: 7.5%, Prior: 7.2%

Consumer Credit (Dec): Consensus: -$2.3B, Prior: -$7.9B