Weekly Economic Update 3/15/2010

Written by Ryan Sheppard | 17 March 2010

Quote of the week. “Getting people to like you is merely the other side of liking them.” – Norman Vincent Peale

Good news at the cash register. Commerce Department data showed retail purchases up by 0.3% in February despite all the snow, sleet and rain, and 3.9% above where they were a year earlier. Most retail sales sectors had month-over-month increases.

Signs of rising demand. Business sales increased by 0.6% in January (business inventories were flat). January 2010 business sales were 6.8% better than a year before. Other Commerce Department data shows wholesale sales jumping by 1.3% in January and wholesale stockpiles decreasing by 0.2%.

Consumer confidence wavers. The preliminary Reuters/University of Michigan consumer sentiment survey is in for March. The index reads 72.5, down from a final 73.6 in February. However, things have improved notably from March 2009 when the gauge stood at 57.3.

Gold & oil retreat. Gold had its poorest week since mid-January as prices dipped 2.93% last week to settle at $1,101.50 Friday on the COMEX. Oil fared better, losing just 0.32% across five days. Oil futures were $81.24 a barrel at Friday’s NYMEX close.

Nice gains on Wall Street. Stocks pulled off weekly gains during a stretch of five trading days with only mild volatility. The DJIA advanced 0.55% last week, while the S&P 500 rose 0.99% and the NASDAQ gained 1.78%. The S&P 500 closed Friday at a 17-month high: 1,149.98.

Enjoy St. Patrick's Day and be safe!