Weekly Economic & Investment Recap: 5.2.08

May 5, 2008 |

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And That’s The Week That Was, the Brounes & Associates market/economic commentary for the week ended May 2, 2008.

Wow. Talk about a busy week.  With Exxon-Mobil experiencing the second best corporate quarter EVER (and still disappointing investors), earnings season moved closer to completion and the results have not been half-bad (at least, not as bad as many anticipated).  Profits from overseas have been the savings grace for many multi-national companies.  Likewise, news about the economy seemed to invigorate investors as reports on labor and manufacturing depicted continued sluggishness, BUT the data beat most analysts’ more dire forecasts.  The Fed cut rates for the seventh time since 2004, but indicated that the move would be its last for a while (barring any unexpected developments).  The dollar rose from its recent doldrums; oil fell from its all-time highs; and investors went bargain shopping for yet another week.

Next week finds little in the way of significant earnings/economic data. Hopefully, no news is good news.   

Coming up in the week ahead:  ISM - Services (Monday), Consumer Credit (Wednesday), Trade Balance (Friday)

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