Today marks the start of summer where the driving-season could push the demand for oil to a higher level (heard of summer holiday?). So, you better watch out for the oil price which could be sparked by a tiny instability news. Energy (+2.0%) turned in the best performance even as oil prices closed lower again on Thursday. Crude for August delivery, which was up as much as 1.5% and within 12 cents of $70 per barrel, fell 0.4% to $68.61 per barrel.
From the stock market perspective, it’s a well-known fact that the months of May-October have produced essentially a net zero gain for stock investors over the past fifty years. Does that mean there’s no more money to be made within this period? Not necessarily, it just mean you need to open your eyes wider and more thorough research and analysis (and reading) need to be done to filter the gold from the dust.
Among other economic data investors were considering was a weekly Labor Department report showing the number of workers seeking jobless benefits rose by 10,000 last week to a two-month high, marking the third straight weekly gain. While the increase wasn’t large, the movement could suggest unemployment isn’t quite as low as it had been. Wall Street might regard the report as good news, however, because overall unemployment remains quite low and wage inflation could result if employers have to fight for workers.
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June 22nd, 2007 by financetwitter
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