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Market Recap: Stocks Start Fourth Quarter Strong
After slipping for two weeks, equities opened the fourth quarter with the best week over week rally since July.rnrnThe Dow closed above the 12-month high at 9,864 as it jumped 4% since last Friday. Shares in the S&P easily wiped away late September losses, closing at 1,071, 4.5% on the week, and similar moves pushed the NASDAQ to 2,139, up 4.50% for the week.
Oversight Panel Questions HAMP’S Effectiveness
The Congressional Oversight Panel charged with keeping an eye on TARP expenditures has released a report that questions the effectiveness of the HAMP loan modification program established by Treasury. The concern extends beyond the start-up phase to the future of the program.
Trade Deficit Shrinks to $30.7 Billion
Exports improved to a new 2009 high in August, while imports shrank, leading the US trade deficit to unexpectedly shrink, the Commerce Department said Friday. rnrnThe monthly deficit fell 3.6% to $30.7 billion. Economists had been expecting it to widen to $33.6 billion on account of rising oil prices. But while prices did gain $2.27 to $64.75 in the month, volume plummeted.
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