Wall Street Rebounded!
Well, Wall Street had a fair day today. It started out kind of shacking and could have gone bad fast. Oil was down almost a full dollar, so that helped a little. But the main reason was because of bargain shopping. Anytime stocks have a few down days the following days shot up, unless someone opens their mouth about the economy. Hopefully tomorrow will end the week on a good note. Boy do we need a really good day.
JPMorgan Chase & Co!
Today wasn’t a good day for JPMorgan Chase & Co. A matter of fact, it wasn’t good for anyone, stocks had a really bad day trading. But for JPMorgan Chase & Co they lost almost 9 percent and reported an it had $1.5 billion of losses so far this quarter on mortgage-linked assets. Mostly related to how bad the credit markets have been. This just comes to show how bad things still are. No matter how people sugar coat things, these times are still really bad. One thing good came out of today; the price of oil is still dropping.
Shanghai Composite Index!
The ripple effect has final hit in China. The Shanghai Composite Index has reached it’s lowest in 12 years. The problems with the economy in America is one of the main reason for this. Since just about everything is imported from China this was bound to happen. American’s are not spending money and are staying home more. I heard that China has a surplus of $26 billion in goods. That’s a lot of stuff just sitting there. When things are bad in America things will be bad everywhere. One thing will fix this economic problem for everyone, bring down the high gas prices. And you will see what will happen. People will go out to dinner more and shop till they drop.
Oil Prices Are Losing!
This has been a great week only because the price of oil has dropped nearly $10 a barrel. The main reason the barrel of oil is at $115 is because the greenback is worth more. The worth of our money and with investors switching to stocks drove the stock market sky high today. And the price at the pump as also dropped. The average once was well above $4.00 a gallon, but today it’s at a national average of $3.84 a gallon. The thing bothering me is the price of gas in my area is still above $4.00 a gallon. Hopefully we will be at the national average very soon. And Hopeful next week oil will continue to drop and stocks remain going up.
