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Market Update For Week Ending 8/1/2008

Market Wrap
U.S. stock prices were mixed after investors spent a volatile week sifting through corporate earnings reports or remaining on the sidelines altogether. Although the blue-chip Dow industrials ended in the red, the small-cap Russell 2000 edged up 0.82% on the prospect that smaller companies would be the first to benefit from an eventual economic recovery. Other U.S. indices were flat and a stronger dollar accentuated foreign stocks' losses for domestic investors, leaving the EAFE down 1.53% in dollar terms. Treasury yields sank as money flowed back into the bond market. For more on recent trading activity, please read:
http://money.cnn.com/2008/08/01/markets/markets_newyork/index.htm

The Job Market Weakens
A stagnating retail environment spilled over into fresh job cuts at American companies in July. The national unemployment rate crept up to a four-year high of 5.7% as a net 51,000 jobs evaporated. Since a robust labor market has been one of the few bulwarks of consumer confidence in recent years, the news led some economists to step up their warnings that a recession is either underway or on the horizon. For more on the job numbers and what they mean, please read:
http://bloomberg.com/apps/news?pid=20601087&sid=apPnyEIjZJ5Q

Greenspan Sees Economy 'On The Brink'
Although the economy grew at a rate of 1.9% in the second quarter, former Fed chairman Alan Greenspan is not yet convinced that the worst is over. In fact, until housing prices recover and the credit environment stabilizes, Greenspan warns that he remains "more inclined toward the recession side." For more on his recent commentary on the big economic picture, please read:
http://www.msnbc.msn.com/id/25953746/