Wk14: Market Recap

News of GM and Chrysler on the brink of falling into bankruptcy and President Obama’s removal of GM’s chairman made for an unsettling opening to the week. The markets gapped lower Monday, but strengthened as the week progressed.
The ISM manufacturing report Tuesday pointed to a sign that the worst may potentially be over for the economy. This is the second month of improvement with new orders showing a shallower rate of reduction. Friday Employment Situation report showed another 600k+ loss of jobs raising the unemployment rate to 8.5%. Nonetheless the top line figures (S&P, Dow, NASDAQ, and Russell) closed higher on the week breaking the prior swing highs.