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The direction of the stock market was positive during the last week despite easing off the sharp increases of the prior two weeks. The DOW had its best month since October 2002 and the end of July marked the fifth straight month of gains in the S&P 500.
The economic news like sales of new homes, home price index, continuing unemployment claims and new auto sales continue to be less bad and that's a start to a recovering economy. The stock markets may be discounting that news as the markets typically look forward 6-9 months. The auto boost is attributed to the exuberant adoption of the "cash for clunkers" program.
See all the statistics here in my market week newsletter along with last weeks headlines and an eye on the week ahead.
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Tom Taylor, CPA is a fee-only, independent Financial Planner and Certified Public Accountant and can be contacted at Chesapeake Financial Advisors or Taylor & Company in Towson, MD. He is a member of NAPFA and the MACPA and AICPA.
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