Markets

Money Watch Week Ahead

Updated on: June 25, 2011 / 9:00 AM EDT / MoneyWatch

Ben Bernanke and the Fed spoke, but said little; the International Energy Agency announced that an additional 60 million barrels of oil will be released on the market; Greece is still a mess, despite the Prime Minister surviving a confidence vote; and yes, everyone knows that the recovery is slowing down.

Stock selling resumed, after a one-week respite, sending the Dow and S&P lower for the seventh week out of eight, while the NASDAQ bucked the trend and snapped a five-week losing streak. Oil continued its descent, which is already helping consumers at the pumps.

DJIA: 11,934, down 0.6% on week, up 3.1% YTD
S&P 500: 1268, down .2% on week, up 0.8% YTD
NASDAQ: 2652, up 1.4% on week, FLAT YTD
August Crude Oil: $91.16, down 2.4% on week (fifth loss in six weeks, down over 20% from peak)
August Gold: $1500.90, down 2.5% on the week

AAA National Average Price for Gallon of Regular Gas: $3.59 (lowest since March 30^th)

Total bank failures for 2011 = 48 (1 new bank failure over weekend)

FACTOIDS OF THE WEEK: With fresh numbers on personal income and spending due Monday, here are some facts that may help put the past 40 years in perspective:

Household debt 2011: 115% disposable personal income
Household debt 2007: 130% disposable personal income
Household debt 1970-2000: 75% disposable personal income
Household savings 2011: 4.9% disposable personal income
Household savings 2005: 1% disposable personal income
Household savings 1970-2000: 8% of disposable personal income
Americans with 6-month emergency savings cushion: 24% (Bankrate.com)
Americans with no emergency savings: 24% (Bankrate.com)

IN THE WEEK AHEAD: It will be an active pre-holiday week, starting with Personal Income and Spending. There's not likely to be much good news when housing prices are released, due to the glut of homes on the market and the 1.7 million properties in shadow inventory. Manufacturing data and readings on consumer confidence and sentiment are like to decline. Greece's Parliament will vote on a five-year austerity plan, which could trigger the release of funds from the IMF and EU. On Thursday, the Federal Reserve's $600 billion bond buying program known as QE2 will conclude. As debate rages as to the effectiveness of the plan, one thing is certain: US stocks gained 23 percent in value, since Bernanke raised the idea last August, according to Wilshire Associates.

Mon 6/27:
8:30 Personal Income and Spending

Tues 6/28:
A general strike is scheduled in Greece

9:00 S&P Case Shiller Home Price Index

10:00 Consumer Confidence

Weds 6/29:
Greek Parliament votes to approve a five-year austerity plan. If approved, the IMF and EU will release $17 billion of funds

10:00 Pending Home Sales

Thurs 6/30:
QE2 ENDS!

8:30 Weekly Claims

9:45 Chicago PMI

Fri 7/1:
June Auto Sales

9:55 Consumer Sentiment

10:00 ISM Manufacturing Index

10:00 Construction Spending

Jill Schlesinger

Jill Schlesinger, CFP® is the Emmy-nominated business analyst for CBS News. She covers the economy, markets, investing and anything else with a dollar sign on TV, radio (including her nationally syndicated radio show), the web and her blog, "Jill on Money." Prior to her second career at CBS, Jill spent 14 years as the co-owner and chief investment officer for an independent investment advisory firm. She began her career as a self-employed options trader on the Commodities Exchange of New York, following her graduation from Brown University.

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