Stocks finally took a pretty good hit yesterday. The Dow Jones industrials fell 93.87 points to 10,332.44, although the index had been down more than 170 points earlier in the day. It was only the third time in November that the Dow has traded lower (out of 14 sessions). Concerns about the job market and rising foreclosure activity heading into 2010 put fear into investors. It is interesting that the media equates every unemployed person with being a homeowner. Sure, I realize that many homeowners have been impacted by rising unemployment, but it is true that many people who have lost jobs are renters.

A quiet session on Friday ended with stock prices trending lower for the third consecutive day.

The latest estimates peg the number of people in the United States with diabetes at more than 24 million or almost 8 percent of the nation's total population. And, the numbers are likely to increase dramatically. The American Diabetes Association says that 57 million people are at risk of type 2 -- adult onset -- diabetes.

The missing piece of the economic recovery -- jobs -- continues to be elusive. The Labor Department reported this morning that the number of people filing for unemployment benefits in the past week remained unchanged at 505,000. However, the number of people receiving jobless benefits on an ongoing basis declined to 5.61 million.

The missing piece of the economic recovery -- jobs -- continues to be elusive. The Labor Department reported this morning that the number of people filing for unemployment benefits in the past week remained unchanged at 505,000. However, the number of people receiving jobless benefits on an ongoing basis declined to 5.61 million.

Stock prices declined Thursday over concerns about continuing job losses.

The stock rally was extended yesterday. The Dow Jones industrials and other major indexes have now been up in nine of the last 10 sessions and have only dropped in two of the 12 trading days so far in November. A report this morning showing that new home construction activity fell 10.6 percent last month was worse than expected and, at the same time, building permits for future construction were down 0.4 percent.

Stock prices were slightly lower Wednesday after the Commerce Department reported a bigger decline than expected in new home construction in October.

Several key retailers are out this morning with quarterly earnings and forecasts. At Target, earnings per share in 3Q rose by 18.6 percent, the result of "strong execution and a commitment to continued innovation," according to CEO Gregg Steinhafel. The report also said that "In light of the current and projected economic environment and expectations for a highly promotional holiday season, Target remains cautious about fourth quarter performance and is planning conservatively." It's the "highly promotional holiday season" that is good news for consumers. In regular English that means "big deals!"

Stock prices continued their steady climb Tuesday. Weakness in consumer stocks was offset by gains in commodity and material stocks.

Thanks to the lingering effects of theCash for Clunkers program, retail sales in October were up 1.4 percent. Take away car sales and the increase was just 0.2 percent. But, what the heck, it was still an increase. Over the first 10 months of 2009, retail sales are down 8.2 percent. At the same time, the Commerce Department reported this morning that U.S. inventories declined by 0.4 percent, the 13th month in a row that inventories have declined. That ultimately will lead to limited supplies for certain products going into the holidays. It also means that eventually manufacturing will have to pick up in order to meet demand, even if it is limited.

Positive comments from Federal Reserve Board chairman Ben Bernanke sent stock prices sharply higher again Monday.

Stock prices fell yesterday for only the second time in November. And, the 94-point decline in the Dow Jones industrials was easy to explain. News from the Energy Department that oil inventories rose by 1.76 million gallons in the past week -- a sign of declining consumption -- renewed concerns about the strength of the global economy. That sent oil prices tumbling $2.34 a barrel to $76.94 and stock prices followed right along. Oil continues to move lower this morning.

The glory days of IPOs -- initial public offerings -- are long gone but, much to the pleasure of investors and institutional bankers, the issuance of new stocks is starting to show signs of a resurgence.

Stock prices rebounded Friday, recovering most of the losses in the previous session.

The number of people filing for unemployment benefits fell to a 10-month low in the past week. The Labor Department said claims fell by 12,000 to 502,000, the lowest level since January. In addition, the number of people receiving unemployment benefits on an ongoing basis fell by 139,000 to 5.63 million.

A sharp decline in oil prices sent stock prices lower Thursday. Investors were concerned that a drop in energy demand is evidence of a still struggling economy.

The financial markets are open on Veterans Day and the rally continues. The Dow Jones industrials, which posted a modest gain of 20 points yesterday, are up 85 points in early trading. The index has been up in six of the seven trading sessions so far in November.

Stocks continued to move higher of Wednesday as homebuilder shares led the rally.

Stock prices soared yesterday as the bulls have once again resumed control of the markets. For the second time in the past three sessions, the Dow Jones industrials posted a gain of 204 points (a random event) and has gone up in five of the six sessions in November. The Dow is now up 56.2 percent from the low of 6,547.05 set on March 9 and is up 16.5 percent so far in 2009. Of course, all the "experts" who have missed the rally continue to be welcomed guests on CNBC and other media outlets telling everyone who still listens to them that this is a faux gain and you better get out while you still have some profits. They really only want the market to go down because they have been on the sidelines.

Stock prices paused Tuesday taking a breather from the sharp increase in prices in November.

The major stock markets were significantly higher last week despite the news that the nation's unemployment rate moved above 10 percent for the first time in 26 years. The Dow Jones industrials, Nasdaq and S&P 500 stock indexes all gained 3 percent or more. That is a significant increase for one week of trading. Since hitting bottom around 6,500 on March 9, the Dow has gained more than 53 percent. YTD the index is up 14.2 percent and the Nasdaq is up 34 percent.

Stock prices rose to the highest level in more than a year Monday as traders were encouraged by word from the Group of 20 nations pledged to continue to provide economic support to the world economy.

The San Diego life sciences community is closely watching the discussions in Washington, D.C., regarding health care and insurance. And, if recent stock market activity is any clue, there is reason for concern.

It came as no big surprise this morning that the nation's unemployment rate rose above 10 percent in October for the first time in 26 years. The Labor Department also reported that payrolls declined by 190,000 during the month. Interestingly, the unemployment rate for those with college degrees fell in October to 4.7 percent from 4.9 percent.

Stock prices held their value Friday despite news that the nation's unemployment rate rose above 10 percent in October.

Get ready. There's a good chance the nation's unemployment rate will top 10 percent when the October data is released tomorrow. The jobless rate in September rose to 9.8 percent. The media will, of course, jump all over the story even though it has been expected. There is, however, growing evidence that the jobs situation is gradually improving. This morning the Labor Department reported that the number of people filing for unemployment benefits fell to 512,000 in the past week, the lowest level since January. And, the number of people receiving benefits on an ongoing basis declined again, falling by 68,000 to 5.75 million, the eighth drop in the past nine weeks.

A surge in the productivity of American workers and renewed optimism about the economy sent stock prices sharply higher Thursday.

The next few days will be all about jobs. Reports out today suggest a slow but steady recovery in the employment picture. A private survey from Challenger, Gray & Christmas finds that planned job cuts by U.S. employers declined in October for the third consecutive month. The report showed that 55,679 planned layoffs were reported last month compared to 66,404 in September. A big chunk of the pending cuts were in the automobile sector. And, the ADP survey out today said U.S. payrolls declined by 203,000 in October, the seventh month in a row that the number has declined.

It's been a busy morning with several big merger deals coming down. Far and away the biggest deal of the morning comes from Warren Buffett and his company, Berkshire Hathaway. It will pay $44 billion in stock and cash to purchase the 77.4 percent of Burlington Northern Santa Fe railroads that it doesn't already own. In the announcement of the deal, Buffett said, "It's an all-in wager on the economic future of the United States. I love these bets." He went on to say, "America must grow and prosper for railroads to do well."

Stock prices were mixed Tuesday after investor Warren Buffett announced he would purchase Burlington Northern Santa Fe Corp. in a deal valued at $44 billion.

Once again it is the Western states that are leading the way in the residential real estate recovery. The National Association of Realtors reported this morning that pending home sales -- homes that are in the escrow process but have not completed the change in ownership -- rose nationwide by 6.1 percent in September. However, here in the West, pending sales rose by 10.2 percent and are 23.7 percent higher than the same month a year ago. "As long as buyers do not overstretch and stay well within their budget, a sizable pent-up demand can be tapped among financially qualified potential buyers," said Lawrence Yun, chief economist for the NAR.

Positive reports on manufacturing and home sales sent stock prices higher Monday although the market closed below the best levels of the session.

George Chamberlin is off on Friday and his "Money in the Morning" column will return Monday, Nov. 2.

One of the easiest ways for companies to cut costs during the height of the recent recession was to reduce or eliminate the matching contribution that they provided to their employees' 401(k) or other retirement plans.

Give credit to the economic stimulus packages for the 3.5 percent jump in the GDP -- gross domestic product -- that was reported this morning. That puts an end to four consecutive quarters of declines in the amount of goods and services produced in the United States and also was the best reading on the economy in two years. Some economists, however, already are questioning whether or not the momentum will carry into the fourth quarter. They suggest that the Cash for Clunkers program as well as the tax credit for first-time homebuyers contributed to the strong 3Q growth and no similar stimulus is currently planned in this quarter.

The Commerce Department this morning reported new home sales in September fell 3.6 percent. That snaps a series of five consecutive months of sales increases. Over the past 12 months, sales are down 7.8 percent and prices during that time have declined 9.1 percent. However, one component of the survey suggests that could be changing. Inventories of unsold new homes dropped to just 251,000 units nationwide, the lowest level since November 1982. And, with new home construction activity almost nonexistent, the supply should continue to shrink well into 2010.

Stock prices slide again Wednesday following a report that new home sales fell in September and renewed concerns about the strength of the economic recovery.

The Conference Board almost gleefully reported this morning that its consumer confidence index fell in October for the second consecutive month. The opening sentence in the release said, "The Conference Board Consumer Confidence Index, which had declined in September, deteriorated further in October." "Deteriorated" is not a word you see used very often in a press release, maybe in editorials but a bit dramatic otherwise. "Consumers also remain quite pessimistic about their future earnings, a sentiment that will likely constrain spending during the holidays," said the always glum economist, Lynn Franco. I bet the Christmas party at her house is a bunch of laughs.

Stock prices were little changed Tuesday. Early gains were eroded after the Conference Board reported a drop in consumer confidence for October.

There's more evidence the economy is firming as we head toward 2010. The Intuit Payroll Survey released today found that 44 percent of small businesses are planning to hire new employees within the next 12 months. And, 60 percent of businesses expect their company will grow in the next year. Another report from the National Association of Business Economics shows evidence that an economic recovery is under way. It found that 12 percent of companies surveyed will add jobs in the next six months, double the number in July.

U.S. stocks slid, erasing an early rally, on concern lawmakers will phase out a tax credit for homebuyers and Bank of America Corp. (NYSE: BAC) will have to sell shares to pay back its government bailout. The dollar rebounded from a 14-month low against the euro and oil wiped out an early advance.

Christmas is now less than two months away and retailers are gearing up for a major battle to attract consumers. If you thought bargains abounded last year, you haven't seen anything yet.

The western part of the United States led the way in existing home sales in September. The National Association of Realtors reported this morning that sales in the West rose 13.0 percent last month while nationwide sales were up 9.4 percent to an annualized rate of 5.57 million units. The median price of a home sold in the West was $219,000, down 15 percent from a year ago. Nationwide, the median price last month was $174,900, down 8.5 percent from last September. "Much of the momentum is from people responding to the first-time buyer tax credit, which is freeing many sellers to make a trade and buy another home," said NAR chief economist Lawrence Yun. The tax credit expires at the end of November and Congress has yet to taken any action to extend the program, which has been a positive for the housing market.

Stocks fell Friday as traders cashed in some of their recent gains.

The third quarter earnings reports continue to come in fast and furious. And, for the most part, they are encouraging. This morning UPS reported earnings that, while down compared to the period a year ago, were ahead of expectations. "I'm encouraged by the signs of economic recovery that are becoming apparent, although we still have a long way to go," said CEO Scott Davis. He also commented about the upcoming holiday shopping season, saying, "Our customers have widely differing views on their outlook for the holiday season. Nevertheless, UPS is primed to handle the seasonal surge as it materializes."

A rally in blue chip stocks sent the overall market sharply higher Thursday. Investors were cheered by corporate earnings and evidence of economic growth.

A new survey from The Stress Institute -- paid for by Princess Cruises -- finds that San Diego is the fifth most stressed city in America. According to the Life Balance Barometer, Chicago is the most stressed city out of the 23 cities that were involved, followed by Houston, Boston, Los Angeles and San Diego. Amazingly, we finished ahead of such depressed cities as Detroit (8), Pittsburgh (13), Philadelphia (14), New York (15), and Las Vegas (21). The least stressed city is Miami. The survey found, of course, that financial stress and the poor economy are among the leading causes for life imbalance.

Weakness in banking stocks sent stock prices lower Wednesday. Investors were rattled by reports that Obama Administration officials will order banks that received bailout funds cut executive pay by as much as 90 percent.

Corporate earnings reports can be rather dry and boring. And, of course, they are a look backward rather than a leading indicator. But, when you get a report like the one from Caterpillar this morning, it puts a totally different spin on earnings. To be sure, the heavy equipment company reported that profits rose in the third quarter, it was the comments of the CEO that really were noteworthy. "While 2010 will still be a difficult year, we expect improvement in our top line from the lows of 2009, and it's critical that we manage on the way up as well as we did in the face of declining volume. As a result, we've already started planning for an upturn. When it comes, it can come quickly, and we, our dealers and suppliers will be prepared," said CEO Jim Owens. I had a chance last week to speak at an EGCA event at Hawthorne CAT, the large Caterpillar dealer here in San Diego, and the attitudes of the top executives there are certainly in step with the comments of the CEO.

A disappointing report on new home construction activity on Tuesday offset solid gains from companies like Apple and Caterpillar.

It was 22 years ago today that the stock market crashed. Today, financial reporters get all excited when the Dow industrials drop 2 or 3 percent and casually throw around the term "crash." But, on Oct. 19, 1987, the stock market actually did crash. I remember so well that day when the Dow and other major indexes fell by 23 percent or more. Investors were concerned about rising interest rates and inflation and a number of other uncertainties. Alan Greenspan, who had only been on the job as chairman of the Fed for just a couple of weeks, tried to calm down investors and suggest the economy will find stability.

Solid quarterly earnings reports helped push stock prices higher Monday.

It's a long way from Wall Street to the international border between the United States and Mexico. But, an initial public stock offering last Monday found a way to put those two different areas together.

Hewlett-Packard has recaptured its position as the top maker of personal computers. The latest study from IDC finds that HP shipped 15.8 million PCs in the third quarter, representing 20.2 percent of the worldwide market. Assuming the number two spot on the list was Acer at 14 percent, and Dell dropped to third with just 12.7 percent. Overall, IDC says PC shipment rose by 2.3 percent in the quarter, leading Bob O'Donnell to say, "With the forthcoming launch of Windows 7 and expected commercial refresh beginning in 2010, the prospects for future PC market growth are very solid."

The bulls continue to kick the stuffing out of bears. The most recent insult to the doomsayers came yesterday when the Dow industrials willed its way past the 10,000 mark for the first time in a year. So, how is the media handling the news? Well, consider this headline on a web story: "Dow surges above 10,000 mark, but traders remain cautious." So far this morning the Dow has dropped a modest 20 points and is holding steady around 10,000.

The financial markets fought off early attempts to take profits Thursday and consolidated the gains set in the previous trading session.

The Dow industrials are making another run at 10,000. The index is higher this morning following positive quarterly reports by Intel and J.P. Morgan -- both components of the Dow, which have fueled the rally. In addition, a retail sales report for September showed a rather active consumer. The report showed sales last month were down 1.4 percent, but that reflects the effect of the Cash for Clunkers program that sent retail sales sharply higher in August. Minus auto and gasoline sales, the retail report was actually up 0.4 percent.

Stock prices moved sharply higher Wednesday on positive earnings reports and an increase in retail sales.

As expected, it was a quiet day on Wall Street yesterday. The markets were open despite it being the annual observance of Columbus Day and the markets were slightly higher with the Dow industrials and S&P 500 closing at a new high for the year. But, Columbus Day is not always a yawner. Last year, as an example, the Dow soared 936 points on Columbus Day, the biggest point gain in history. Of course, it was after that the markets went into a sharp decline that ultimately took the Dow down to 6,547 in March.

Stock prices were little changed Tuesday ahead of several key quarterly earnings reports from financial companies.

It may be Columbus Day but the financial markets are open for business. And, much to the dismay of the bears, the bulls keep pushing stock prices higher. In the first half hour of trading this morning the Dow industrials gained more than 50 points and are now less than 100 points away from going over the 10,000 mark. Wall Street rebounded last week with the Dow up 4.0 percent and the Nasdaq and S&P 500 were both up 4.5 percent. All three indexes closed the week at their highest levels so far in 2009.

Stock prices moved higher Monday in quiet trading as investors await a wave of corporate earnings reports for the past quarter.

It's been a busy week for the business of golf. While Chicago did not get the Olympics in 2016, the Olympics did get golf.

A quiet - but profitable - week on Wall Street is wrapping up today. The Dow industrials have been up three out of four sessions and the Nasdaq and the S&P 500 have posted gains all four days. This comes following two weeks of declines that led many doubters to proclaim that the big correction is at hand. Not so fast.

Stock prices were higher Friday, pushing the major market indexes to their highest level in 2009.

They are calling it a Wall Street trifecta this morning. Three positive reports are pushing stock prices higher. First, Alcoa led off the third quarter earnings reports after the close last night with a report much better than expected, even reporting a profit. Second, retailers are reporting September sales that were better than expected and many companies raised their forecasts for the coming holiday season. Finally, the number of people filing for unemployment benefits fell to the lowest level since January. Traders are having a hard time figuring out how to handle good news.

Stock prices were higher Thursday after reports showed retails sales increased in September and unemployment claims declined in the past week.

A third of all consumers surveyed by Discover rated their personal finances as good or excellent, the highest level in four months. The Discover U.S. Spending Monitor found that 54 percent of people surveyed in September plan to spend the same amount of money on discretionary items in the next 30 days as they have in the past and only 19 percent plan to spend less. "After months of cutbacks, consumer spending intentions appear to be leveling off, a sign that they are content with the spending cutbacks they made," said Julie Loeger of Discover.

Trading quieted down Wednesday ahead of the release of third quarter corporate earnings.

At least one survey indicates that California's economy may be on the mend. According to Comerica Bank, its California Economic Activity Index rose for the fifth consecutive month in August after reaching a cyclical low in March. "The key missing ingredient to a sustained and healthy rebound continues to be job growth. It is the only component of our index that has not contributed positively since it bottomed five months ago," said Dana Johnson, chief economist at Comerica.

A rally in commodity prices also sent stock prices higher Tuesday for the second consecutive session.

Sea World may soon have a new owner. Published reports say that Blackstone Group is preparing an offer as much as $3 billion to buy the theme park operations from Anheuser-Busch, which was bought earlier this year by InBev. The deal would not only include Sea World but also Busch Gardens and several other sites. Blackstone already owns several other theme park attractions, including Legoland in Carlsbad.

Stock prices rebounded Monday making up more than half of the losses in the past week. Financial stocks led the markets higher.

A new survey of California consumers finds that they are optimistic about the future of the state and their own personal finances, despite all of the economic problems facing the Golden State.

Employment -- the missing link in the economic recovery -- continues to weigh on the financial markets. Yesterday the Dow industrials fell 203 points to 9,507 based on concerns that the job market continues to struggle while there are other signs of a rebound. This morning there is more evidence of that situation. While the nation's unemployment rate rose slightly to 9.8 percent, U.S. payrolls fell by another 263,000, about 100,000 more than had been expected. It was the 21st consecutive month of declines.

Lots of mixed signals in today's employment reports. The Labor Department said initial claims for jobless benefits rose by 17,000 to 551,000. However, the number of people receiving unemployment benefits on a continuing basis fell by 70,000 to slightly more than 6 million. And, a private survey showed that layoff announcements by U.S. corporations in September fell to the lowest level in 18 months. A total of 66,404 pending job cuts were announced, down 50 percent compared to the same month a year ago. This past month, a third of the announced cuts were in the automotive sector.

Stock prices fell sharply Thursday as traders chose to focus on disappointing employment news and weak auto sales instead of encouraging news on the housing market and mortgage rates.

Today is not only the last day of September, it is also the end of the third quarter. So, as has been expected, some investors are cashing in their profits. Right now it looks like the major stock indexes will be up about 15 percent for 3Q 2009, the best quarter since 1998.

Stock prices declined Wednesday but were still able to post another month of solid gains.

The steady recovery in the housing market continued in the latest report of the Case-Shiller home price index released today. A study of 20 large metropolitan areas found that prices rose by 1.6 percent over the month of June while year-to-year prices were still down 13.3 percent. Things were even better here in San Diego, where month-to-month sales were up 2.5 percent and the decline compared to a year ago was 12.3 percent. How is the media handling this news? When I did a Yahoo search I found one story with a headline that said, "Home prices up for third straight month," and another said, "Home prices index down 13.3 percent."

A drop in consumer confidence sent stock prices lower Tuesday, dropping for the fourth time in the past five sessions.

Just three trading sessions left in September and the third quarter of 2009. If things hold steady or get better, the past three months will go into the books as the best quarter since 1998. Opening up those 401(k) statements that will show up in early October will be a lot more fun than it has been the past few years.

An increase in merger and acquisition activity pushed stock prices higher Monday, snapping a three session losing streak.

The intersection of Main Street and Wall Street is always an interesting place. And never is that more evident than when you combine new home construction and the stocks of publicly-traded homebuilders.

There seems to be a bit of confusion lately about where the economy is headed. A series of b-level reports in the past couple of days paint a mixed picture, but that's what always happens at the end of a recession. For instance, yesterday the National Association of Realtors reported a drop in August existing home sales and today the Commerce Department said new home sales rose a modest 0.7 percent last month. Also today we found that durable sales orders declined by 2.4 percent in August. Yet, a report from the University of Michigan announced a sharp increase in consumer sentiment in the past two weeks.

Stock prices fell Friday following disappointing reports on durable goods and new home sales.

There is one lesson to be learned from Wednesday's announcement from the Federal Reserve: the financial markets are desperately afraid of higher interest rates. While the Fed opted to leave short-term interest rates unchanged at nearly zero, the mere prospect that it could get defensive about inflation and start raising rates sometime in 2010 took a bit of wind out of the stock market. The Dow Jones industrials dropped a modest 81 points after the news was released.

Weak home sales and plunging oil prices led to another decline in stock prices Thursday.

The wait is almost over. At 11:15 a.m. today the Federal Reserve will release its most recent snapshot of the U.S. economy and, as expected, will likely leave short-term interest rates unchanged. These announcements are always highly anticipated but rarely live up to their billing. That's because the Fed plays it so close to the vest that it is impossible to get a sense of how the panel really feels about the economy. Unfortunately, we have to wait weeks before the minutes of the two-day meeting are ultimately released. What happened to the promise of transparency?

Stock prices pulled back Wednesday after the Federal Reserve said that it would begin to remove supports for the economy such as the $1.5 trillion mortgage purchase program.

A two-day meeting of the Federal Reserve gets under way today and will conclude tomorrow with an announcement from the monetary policy makers about the economic conditions and interest rates. The announcement comes at 11:15 a.m. Pacific time and it is expected that the Fed will leave interest rates unchanged but could possibly change its position on the economy and inflation. There always seems to be a lot of hype about Fed meetings and, in most cases, it turns out to be a non-event.

Stock prices rebounded Tuesday and the major market indexes closed at their highest levels for 2009.

Another winning week on Wall Street. The Dow, Nasdaq and S&P 500 were all up more than 2.2 percent, making it eight out of the last 10 weeks that the markets have posted gains. And, the major indexes have been up in nine of the last 11 sessions. So, how did some media treat this news? Well, the Union-Tribune on Saturday didn't even have a story about the market and the Wall Street Journal this morning reports, "As Dow Nears 10,000, Some See Bears Ahead." Yeah, they are the ones who probably have missed the 50 percent gain in the Dow industrials since March 9.

A drop in commodity prices -- the result of a rebounding U.S. dollar -- took stock prices lower Monday.

No less than four separate reports on the state of family savings for college -- or more appropriately, the lack of savings -- were released in the past week.

A new report from the Federal Reserve provide credence to the belief that the recovery is picking up momentum. The quarterly Flow of Funds report -- a measure of household wealth -- showed that the net worth of American households rose by $2 trillion in the second quarter of 2009 to $53.1 trillion. The increase follows nearly two years of steady decline after peaking at $65.3 trillion in the second quarter of 2007. A rebound in stock prices and home values accounted for much of the gain in the last quarter. What should be very interesting will be the report for the third quarter of 2009. Stock prices have soared during the current period and home values have also moved up. In addition, Americans have been aggressively reducing debt.

Stock prices returned to the upside Friday, closing out another profitable week.

The month of September -- historically the worst for stocks -- continues to defy the expectations of many investment professionals. The Dow Jones industrials gained another 108 points yesterday, closing at a new high for the year of 9,792. More and more Wall Street gurus are downplaying the rally. For instance, an article on Marketwatch.com this morning says, "As Dow 10,000 looms, a time to worry." I don't know about you, but I was a heck of a lot more worried when the Dow was at 6,500 in March.

Stock prices paused Thursday as the major indexes fell for only the second time in the past 10 trading sessions.

Stock prices continued their steady climb yesterday. The Dow Jones industrials rose 56 points to 9,683, up for seven times in the last eight sessions. Prices also are slightly higher this morning following news that the consumer price index rose 0.4 percent in August, again that was completely fueled by increased prices at the pump. The comments from Fed head Ben Bernanke yesterday that the recession is likely already over and a slow but steady recovery is under way helped to push up stock prices.

The September rally continued Wednesday on renewed belief of a global economic expansion.

There are a couple of positive economic reports out this morning. The Commerce Department reported that retail sales rose 2.7 percent in August. The numbers got a boost from the Cash for Clunkers program but were still evidence that consumers are picking up bargains. And, the producer price index rose by 1.7 percent last month, the result of higher prices at the pump. Both numbers are being well received on Wall Street and could help extend the current rally that has seen the major indexes rise in six of the last seven sessions.

An interesting coincidence on Wall Street on the anniversary of the terrorist attacks on Sept. 11, 2001: This past Friday, the Dow Jones industrial average closed at 9,605.41. On Sept. 10, 2001, the day before the attacks, the Dow Jones industrials closed at 9,605.51. Of course, between then and now the markets have seen some significant swings, trading above 14,000 in October of 2007 and falling to 6,500 in March of this year. But, an eerie coincidence to be sure.

Stock prices moved higher again Monday, pushing the major indexes toward their highest levels in 2009.

Most auto racing events are sponsored by car makers or consumer product companies that want to attract the attention of sports fans. But the NASCAR race this past weekend at the Richmond International Raceway had a unique sponsor.

The Dow Jones industrials, Nasdaq and S&P 500 all closed higher yesterday, taking the indexes to their highest levels so far in 2009. The markets have been up for five consecutive days. Interestingly, the current rally began last Friday after the Labor Department reported that the nation's unemployment rate in August rose to 9.7 percent, the highest level in 26 years.

Stock prices were modestly lower Friday, snapping a five-session winning streak.

The Dow Jones industrial average closed yesterday at 9,547. That is exactly 3,000 points higher than it was on March 9, when the Dow closed at 6,547. That works out to an increase of nearly 46 percent in just six months. It is amazing that this powerful rally in stock prices has received little media attention. Instead, all the gurus out there are talking about the markets rebounding too fast. It is safe to assume that most of the experts missed the bulk of the rally, while average Joe and Jane investors have held their course and enjoyed the recovery in their personal and retirement investments.

Stock prices rose to the highest level so far in 2009 on Thursday. A drop in unemployment claims and steady commodity prices contributed to the gain in stocks.

OPEC ministers say they are satisfied with current oil prices and have no intention of changing production levels. Meeting in Vienna, the cartel members must now make sure that members keep production within the quota barometers and not bring more bubbling crude out of the ground than allowed. That, of course, has been the problem for OPEC in the past. Most of the 17 members ignore production limits and produce as much as they can. Oil prices have been holding steady around $70 a barrel for several months. That's a long way from the $147 price tag we saw a year ago.

Stock prices rose for the fourth consecutive session Wednesday. Investors seemed to be optimistic ahead of President Obama's speech to members of Congress on health care.

Friday's report that U.S. unemployment had jumped to 9.7 percent in August -- the highest level in 26 years -- didn't lead to a stock market sell off. Rather, prices were higher on the day with the Dow Jones industrials gaining 97 points to 9,441. More and more people realize that the jobs reports are a lagging indicator, telling us where we've been, not where we are headed.

Rising commodity prices -- the result of a weak U.S. dollar --helped push stock prices higher Tuesday.

Get ready for a media blitz on today's employment report. The focus will be on the fact that the nation's unemployment rate rose to 9.7 percent in August, the highest level since 1983. However, other elements were not quite so dire. For instance, U.S. payrolls fell by 216,000, the smallest decline since August of last year. And, hourly wages actually rose by 0.3 percent, a significant increase. But, I'll bet you a quarter that the lead story on every network newscast tonight -- and probably all weekend long -- will be the 9.7 percent jobless rate. It's a perfect tie-in considering it is the Labor Day weekend.

The Friday release of jobs data focused on the fact that the nation's unemployment rate rose in August to 9.7 percent, the highest level in 26 years. This latest report -- often referred to as a lagging economic indicator -- suggested that the economy is still a long way from recovery.

The job market continues to be the weak link in the economic recovery. The government reported this morning that the number of people filing for unemployment benefits in the past week fell by 4,000 to 570,000, a number that has held steady for many months. In addition, the number of people receiving jobless benefits on a continuing basis rose to 6.23 million. Tomorrow, the Labor Department will offer the August jobs data, including the unemployment rate and changes in U.S. payrolls.

A late rally Thursday sent stock prices higher, snapping a four-session losing streak.

A new index shows California's economy on the rebound. The Comerica Economic Activity Index -- a study of nine indicators of real economic activity -- showed a steady increase off the lows registered in March. "The California economy has begun to rebound over the last several months with six of the nine components of our index contributing positively. I will become much more confident that a sustainable recovery is under way once I begin to see employment gains also contributing to the rise," said Dana Johnson, chief economist at Comerica.

Stock prices were down Wednesday for the fourth consecutive session although the losses were limited.

The Western region of the United States led the July increase in pending home sales. The National Association of Realtors reported that, nationwide, pending sales were up 3.2 percent, the sixth straight month that activity has increased. Here in the West, pending sales -- homes in the escrow process -- jumped by 12.1 percent in July and are up 20 percent from a year ago. "The recovery is broad-based across many parts of the country. Housing affordability has been at record highs this year with the added stimulus of a first-time buyers tax credit," said NAR chief economist Lawrence Yun. The group is working hard to encourage to renew and expand the program that provides an $8,000 tax credit for first-time buyers. Ideally, the group would like Congress to raise the credit to $15,000 and make it available to all buyers. The current program expires at the end of this year.

The month of September got off to a rough start Tuesday despite several economic reports that suggested signs of recovery.

It's a merger Monday on Wall Street and this is no Mickey Mouse deal. Walt Disney has announced it will pay $4 billion in cash and stock to purchase Marvel Entertainment. The deal works out to about $50 a share for Marvel and the stock is up nearly 27 percent on the news. "Disney is the perfect home for Marvel's fantastic library of characters given its proven ability to expand content creation and licensing businesses," said CEO Ike Perlmutter. No word on how soon Marvel's 5,000 characters will work their way into the Disney culture. You have to wonder how long it will be before the Hulk is riding on a float with Mickey Mouse during the Disneyland parade or the Wolverine chasing Donald Duck throughout the Magic Kingdom.

Stock prices were slightly lower Monday despite a big drop in foreign markets overnight. Despite the losses, the major market indexes posted solid gains for the month of August.

Two leading technology stocks are out with encouraging earnings and forecasts. After the close yesterday, Dell reported that "product shipments, revenue, operating income, gross margin and earnings were all higher than in the first quarter." The company says it expects consumer demand to pick up in the third quarter along with federal government business. And, this morning, Intel followed with a report saying the chipmaker "now expects revenue for the third quarter to be $9 billion, as compared to the previous range of $8.5 billion."

Stock prices could be headed toward their first decline in nearly two weeks. Early trading on Thursday finds the major indexes down around 1 percent. Trading has sputtered in the past few sessions but still with an upward bias. The last time the Dow Jones industrials posted a decline was a week ago Monday, Aug. 17.

An early sell off in stocks Thursday didn't stick and the major market indexes were able to once again post modest gains.

New home sales rose by 9.6 percent in July, the fourth consecutive month of increased activity. Sales rose in the Northeast, South and West but declined in the Midwest. Seasonally adjusted sales rose to 433,000 units, well above the 390,000 count that the "experts" were anticipating. Combine this with about a dozen other positive economic reports this week and even the most bearish have to admit that something good is going on. To be sure, home prices are still below where they were a year ago but even that trend is starting to reverse.

Stock prices eked out small gains Wednesday despite strong reports on new home sales and durable goods orders.

Bernanke will be back. President Obama has nominated Bernanke for a second term as chairman of the Federal Reserve Board. There had been suggestions that Bernanke would not get the nomination and it would go to one of the president's top economic advisers, Lawrence Summer. The Dow Jones industrials rose more than 100 points in early trading today but have settled in below that level.

Stock prices were modestly higher Tuesday as investors reacted positively to the news that Ben Bernanke would be nominated for another term as chairman of the Federal Reserve Board.

Encouraging words from Ben Bernanke sent the stock market higher Friday. The gains -- 155 points on the Dow, 31 for the Nasdaq and 19 for the S&P 500 -- were enough to realize a positive week, the fifth time in the last six week the averages posted gains. Consider this: since drawing a line in the sand on March 9, the Dow has gone from 6,547 to 9,566 (as of 7:30 this morning), a gain of more than 45 percent. Yet it continues to be one of the greatest stealth rallies in history. The gains rarely even make the front page of the business section in certain local newspapers. Yet, with the markets down 45 percent, it would be a front-page story.

The run up in the stock market that began in early March has helped investors recover much of the losses that had been recorded since 2007. And no group appreciates that more than the people who run pension funds.

The pace of home sales continue to move higher. The National Association of Realtors reported that existing home sales rose by 7.2 percent in July. It was the fourth month in a row that sales increased, something that hasn't happened in five years. "Beacuse price-to-income ratios have fallen below historical trends, there are more call-cash offers. In some recovering markets like San Diego, Las Vegas, Phoenix, and Orlando, the demand for foreclosed and lower priced homes has spiked, and a lack of inventory is becoming a common complaint," said Larewnce Yun, chief economist at NAR. Here in the West, sales actually declined in July by 1.7 percent.

Stock prices closed out the week with strong gains Friday, marking the fourth consecutive day of rising prices.

A private survey from Watson Wyatt gives credence to the belief that the economy -- and the job market -- may be on the brink of recovery. The survey found that 33 percent of employers who froze salaries, plan to unfreeze them within the next six months. That's up from just 17 percent in June. And, 44 percent plan to roll back salary cuts in the next six months and 24 percent of employers plan to reverse reductions to 401(k) matching contributions, up from just 5 percent in June.

Stock prices rose for a third day Thursday as investors reacted to continuing optimistic news about the economy and overlooked a weak employment report.

Despite the constant reports of gloomy customers and a corresponding drop in sales, most executives in the retail sector are optimistic about 2010 and beyond. The KPMG survey found that 70 percent of retail executives expect business conditions to improve next year based on stronger revenue and improved profitability. Three-quarters of them said they had already reduced headcounts and only 14 percent expect further cuts.

Strength in energy stocks, spurred by a sharp increase in oil prices, lifted the overall market Wednesday.

A new survey by Bankrate finds that 92 percent of Americans still believe buying a house is a good investment. However, the report also has some worrisome findings. For instance, 70 percent aren't sure how they will save enough for retirement and 50 percent don't know how they will pay for the kid's education.

Stocks are getting rocked early this morning. The Dow Jones industrials and the rest of the major indexes are down around 2 percent in reaction to some disappointing earnings news, concerns about the economy and old-fashioned profit-taking. Home improvement company Lowe's reported second quarter stats that showed "declining demand" for products. "There are some indications that a bottoming process in housing and the broader economy is under way, and we have seen customer traffic levels stabilize as we benefit from the resurgence of a do-it-yourself home improvement mindset," said CEO Robert Niblock.

Growing concerns about the lack of a consumer rebound sent stock prices sharply lower Monday.

Many of San Diego's biotech and life sciences companies have enjoyed the recent rebound in the stock market. But, unlike the conventional Wall Street wisdom, not all these ships have gone back up with the tide.

Ben Bernanke is right: there isn't any inflation out there. That's according to this morning's Labor Department report that showed the Consumer Price Index was unchanged in July from the previous month. And, year-to-year, inflation actually declined 2.1 percent, the biggest decline since January of 1950. Of course, last July, oil prices peaked at $147 a barrel and today are more than half that amount. The August numbers, however, may not be so kind. Prices at the pump have gone up quite a bit and that could push up the CPI.

A drop in consumer confidence sent stock prices lower Friday, snapping a four-week winning streak.

A couple of disappointing economic reports greeted investors this morning. The Commerce Department said retail sales fell 0.1 percent in July. Experts had expected an increase based on the early success of the Cash for Clunkers program. However, it looks like most of the deals fell into August. And, initial claims for jobless benefits rose by 4,000 in the past week to 558,000. Again, experts were anticipating a decline in the number of claims.

Despite an absence of good news, stock prices were able to rally Thursday, extending the previous sessionís gains.

Yesterday's 96-point drop in the Dow Jones industrials was the biggest one-day point decline in nearly five weeks. You had to go all the way back to July 7 to find a day with a bigger loss. Investors have been hesitant to take profits in the midst of a big rally that took the Dow to its best level in 2009 on Friday.

Stock prices rebounded Wednesday after the Federal Reserve opted to leave short-term interest rates unchanged.

Reports of the death of the consumer may have been greatly exaggerated. The Deloitte Consumer Spending Index rose in July, "Steered by falling unemployment claims and tax burdens, along with a rise in real wages." Carl Steidtmann, chief economist with Deloitte Research, said, "The uptick in the Index may give retailers and their suppliers a reason for cautious optimism."

Stock prices suffered their biggest single day decline in more than a month on Tuesday. Concerns that the markets have moved too high, too fast accounted for the selling.

The Dow industrials closed Friday at 9,370, the highest close so far in 2009. It also wrapped up another winning week, the fourth in a row. Yet, the doubters out there continue to say the rally -- which began at around 6,500 on March 9 -- is nothing more than a head fake in a bear market. I hope all their clients who have watched nearly 3,000 points -- a move of nearly 40 percent -- be added to the Dow in this rally are questioning their broker's judgment.

Stock prices were slightly lower Monday after closing at the highest levels of the year Friday.

It wasn't good news but it was sure better than expected. The Labor Department reported this morning that U.S. payrolls declined by 247,000 in the month of July, well below the expected number of 350,000 and the lowest number since August 2008. At the same time, the unemployment rate fell to 9.4 percent. Many were suggesting that the number might climb to 10 percent. One item in the report that does qualify as good news was the fact that hourly wages actually rose during the past month.

News that job losses slowed in July sent stock prices to the highest levels of the year Friday.

It used to be that the fast food industry was all about hamburgers. But, a recent report states that things are changing in the entire quick-service food sector.

The strength of the recent stock market rally was evident yesterday. The Dow industrials snapped a four-session winning streak by dropping 39 points, or 0.42 percent. To put that in perspective, it was the biggest point drop for the Dow since July 7 and the biggest percentage drop since July 10. Over the last month the industrials have been up nearly 9 percent, a stealth rally that has gone little reported.

Stock prices were slightly lower Thursday as investors grew cautious ahead of Friday's key employment reports.

Never overestimate the quality of the national -- and even some local -- financial media. An article from the New York Times News Service -- and published in today's UT -- discussing yesterday's report on personal income and spending said "there appears to be no end in sight for falling wages." It went on to say that "personal incomes sagged as employers continued to cut wages." It was referencing a 1.3 percent decline in personal incomes in June. However, a modest effort on the part of the reporter who wrote the story would have found out that in the previous month personal incomes increased by 1.3 percent, the result of stimulus payments to people receiving Social Security and other benefits. In fact, incomes -- which have been generally on the rise -- were actually flat during the past two months.

Stock prices moved slightly lower Wednesday as two reports cast doubt on the rebound in the labor market.

The National Association of Realtors reported this morning that pending home sales rose 3.6 percent in June for the fifth consecutive month. The last time sales rose for five months in a row was in 2003. Pending sales in the West rose by 2.9 percent. The NAR is reminding people that the program providing an $8,000 tax credit to first-time homebuyers is slated to end in December and, since it often takes several months to close a escrow, potential buyers should move quickly to make sure they qualify for the tax credit.

A late rally pushed stock prices into positive territory Tuesday to the highest levels so far in 2009.

The old expression, "Buy in October, sell in May" has cost a lot of investors some big gains. If you decided to get out of the market a few months ago and just wait out the summer doldrums, you just missed one of the best months in stock history. The Dow industrials were up 8.6 percent in July, the biggest monthly gain since 2002 and the best July since 1989. The 724 points the Dow added last month was, indeed, the biggest monthly point gain in history. Solid gains also were registered by the Nasdaq (up 7.8 percent) and the S&P 500 (up 7.4 percent). The Nasdaq this morning has traded above 2,000. The last time it closed above the 2K mark was October of last year. And, the S&P 500 has peaked its nose above 1,000, trying to close above that level also for the first time since last October.

The July rally carried into the new month Monday as several key indicators moved above critical resistance levels.

You may have noticed lately that the baristas at Starbucks are smiling a bit more than usual. And for good reason.

Yet another report out this morning suggests the pace of the economic slowdown is ebbing. The gross domestic product -- the sum total of all goods and services produced in the United States -- declined by 1 percent in the second quarter, well below expectations. That compares to a 6.4 percent decline in the first quarter of 2009. The media, of course, is quick to point out that the economy has contracted now for four quarters in a row, the first time that has happened since the Great Depression.

The month of July ended quietly Friday but the major market averages finished the month with solid gains.

The number of people receiving unemployment benefits on an ongoing basis continued to decline in the past week. The Labor Department said 6.19 million people received benefits, a number that has been steadily declining for two months. At the same time, the number of people filing for jobless benefits increased in the past week by 25,000 to 584,000.

An early rally lost steam late in the session Thursday but stocks still managed to post solid gains.

After years of negotiations, the partnership between Microsoft and Yahoo is a reality. The companies this morning announced a 10-year agreement to combine their search capabilities in an effort to attract more users and increase advertising revenues. "Through this agreement with Yahoo, we will create more innovation in search, better value for advertisers and real consumer choice in a market currently dominated by a single company," said Microsoft CEO Steve Ballmer. The "company" he references, of course is Google.

The markets shrugged off mixed economic news Wednesday and closed slightly lower but off the worst levels of the day.

Another report -- this one unexpected by most -- provides some evidence of stability in the housing market. The controversial Case-Shiller home price index actually rose by 0.5 percent in May, the first increase following 34 consecutive months of housing price declines. Year-over-year, prices were still down 17.1 percent. Here in San Diego, prices rose by 0.4 percent in May compared to the previous month and are down 18.5 percent in the past year.

Stock prices recovered from early declines on Tuesday to close mixed.

A big surprise this morning: The Commerce Department said new home sales rose by 11 percent in June, the third consecutive month that sales have increased. The "experts" were expecting the numbers to be little changed. To be sure, the new home market continues to suffer. Sales are down 21.3 percent over the past 12 months. Sales here in the West rose by 22.6 percent in June. Things could get very interesting. We pretty much know that very few new homes are being built, and if the inventory of new homes for sales continue to decline -- down 4.1 percent in June -- there will soon be a classic supply/demand crisis.

Stock prices spent most of the day in negative territory Monday but rallied at the close to post modest gains.

California legislators may be closing in on a budget settlement that will satisfy Gov. Arnold Schwarzenegger, but a lot of uncertainty still exists in the investor community about the ability of the state to deal with ongoing problems.

They say that investing in stocks is like predicting the weather. Everybody has an opinion but nobody really knows for sure what is going to happen. And, like the weather, conditions on Wall Street are constantly changing.

Rally on. Consider these interesting factoids on the recent move up in stocks: The Dow Jones Industrials have gone up in 12 of the past 16 sessions - coincidentally, I think the Padres have lost 12 of their last 16 games. The Dow closed yesterday at 9,069, its highest close since November 5; the Nasdaq composite has gone up in each of the past 12 sessions, something it hasn't done since 1992; and, the S&P 500 - which closed yesterday at 976 - is up 44 percent since hitting a low of 676 on March 5.

Weakness in Microsoft (Nasdaq: MSFT) shares limited the market advance Friday. However, stock prices were still sharply higher for the week.

Existing home sales in the Western region of the United States led overall sales higher in June, the third month in a row that sales have increased. The National Association of Realtors reported this morning that sales in this region rose 6.4 percent last month compared to a national increase of 3.6 percent. Nearly one out of every four homes sold in June were purchased in the West. The report also found that housing inventories fell by 0.7 percent to a 9.4-month supply. "This is another hopeful sign. If we can keep the volume of sales above the level of new inventory, prices could stabilize in many areas around the end of the year," said NAR chief economist Lawrence Yun.

Stock prices moved sharply higher Thursday. The markets were encouraged by positive housing news and corporate earnings.

The rally continues. With little fanfare -- or media coverage -- the stock market extended its recent rally on Tuesday. The Dow Jones industrials continued the march toward 9,000 by gaining 68 points and rising for the seventh consecutive session. During that period, the index has gained nearly 10 percent. The Nasdaq also extended its rally to 10 sessions.

Stocks paused Wednesday. Investors are still waiting for more corporate earnings reports in the coming weeks to determine the direction of the market.

Five components of the Dow Jones industrials reported earnings this morning and each of them topped expectations by Wall Street analysts. And, to the company, they were able to show increased profits despite lower revenues thanks to significant cost-cutting efforts. What's amazing is how surprised the analysts are that this has occurred. I guess that's because most of them weren't around during past recessions when exactly the same scenario developed.

Stock prices continued to move higher Tuesday, pushed by positive comments from Ben Bernanke and solid corporate earnings reports.

Economic bulls and bears both have lots of ammo to support their positions. The Conference Board this morning said its Leading Economic Index -- a measure of future activity over the next six to nine months -- rose for the third consecutive month in June. "All in all, the behavior of the indexes suggest that the recession will continue to ease and that the economy may begin to recover in the near term," said the CB in a statement.

The recent stock market rally was extended Monday.

An estimated 500,000 students in San Diego County will be going back to the classrooms soon, and retailers are hoping that spending for everything from pens and pencils to shoes and clothing will signal a strong start to the second half of the year.

Yet another sign that the economic recovery is beginning: the Commerce Department reported this morning that new home construction activity rose by 3.6 percent in June, the fastest rate of growth in seven months. That represents an annualized rate of 582,000 units. And, building permits, an indicator of future activity, were up by 8.7 percent. All of the increase in activity came from construction starts on single-family homes, up 14.4 percent. At the same time, construction of buildings with five or more units fell by 25.8 percent.

The market closed slightly higher Friday allowing the major indexes to extend their gains for one of the best weeks in recent years.

The evidence continues to mount suggesting the economy is on the rebound. The Labor Department reported this morning that the number of people filing for jobless benefits fell by 47,000 in the past week to 522,000, the lowest level since early January. Even more important, the number of people receiving unemployment benefits fell by 642,000 -- the biggest weekly decline in history -- to 6.27 million. Amazingly, some media types found a way to put a negative spin on the news. For instance, they pointed to comments by Labor Department analysts suggesting "recent data is 'clouded' by the timing of this year's layoffs, many of which have already occurred." Pardon me, but what the hell does that mean? Of course the number of people filing for unemployment benefits will have declined since most of the layoffs have already occurred.

The recent rally on Wall Street was extended to a fourth session Thursday. Encouraging news on the job market sparked the rally and corporate earnings reports also brought in new buyers.

It is interesting how quickly the mood on Wall Street can change. After hitting bottom in early March -- based on overwhelming pessimism -- stock prices went into rally mode for three months. That changed in June and we slipped into a one-month decline that was modest in nature. And then this week, the bulls seem to have returned. We gained 185 points on the Dow Jones industrials on Monday, 28 points yesterday, and the index is up more than 140 points in early trading today. The rally was sparked by a positive earnings report and forecast from Intel.

A technology-led rally pushed stock prices sharply higher Wednesday.

What happens when a respected stock market bear becomes bullish? A rally ensues. That was the case yesterday when analyst Merideth Whitney -- famous for her early predictions that financial stocks would crater as the economy plunged -- put a "Buy" rating on shares of Goldman Sachs and said bank stocks could realize a 15 percent rebound. To be sure, she reiterated that problems still exist but the financial stocks had been oversold. Following the news, the overall markets moved higher with the Dow Jones industrials gaining 185 points, the biggest move up since the first day of June. By the way, Whitney is married to WWE wrestler JBL, a bit of a Wall Street wizard himself. The two met when they were both guests of a Fox News business program.

Stock prices were slightly higher Tuesday despite early efforts to take profits following the big gains in the previous session.

Wall Street waits for a flood of corporate earnings reports and several key pieces of economic data this week. The major market indexes have declined for four consecutive weeks and, while the losses have been modest, there clearly has been a shift in attitude. Tomorrow brings reports on retail sales in June as well as the producer price index report on inflation.

A judge in Riverside County has granted a motion by the Securities and Exchange Commission against three men who ran a $29 million Ponzi scheme that targeted military personnel, people from the Southern California Filipino community, and members of a local church.

The "New General Motors" hits the streets today. After just 40 days in the bankruptcy reorganization process, the car maker has emerged as a leaner company, dropping four of its eight brands and slashing payrolls and dealerships. But perhaps the most exciting news was the plan to initiate a new services called "Ask Fritz," which allows customers to go directly to the CEO -- Fritz Henderson -- with their questions and comments about GM. I'm sure he will be standing by anxious and ready to Twitter with every shareholder who saw their stock rendered worthless.

Stock prices were again mixed Friday and finished with a fourth consecutive week of declines.

There is some unexpected good news on the job front. The number of people filing for unemployment benefits fell by 52,000 in the past week to 565,000. That, of course, is still a very high number but it is the lowest number of filings since January. One report does not assure a reversal but it is a big step in the right direction.

Investors ignored some disappointing retail sales reports Thursday and posted modest gains in a quiet trading session.

The Energy Department reported this morning that gasoline inventories surged in the past week by 1.9 million gallons. This, of course, is the time of the year when supplies are usually declining because of peak summer driving activity. The unexpected decline is, therefore, an indication that consumers are cutting back rather than stepping up. That has sent crude oil prices below $62 a barrel. Crude has fallen nearly 15 percent in the past week and, unfortunately, has taken the stock market down as well.

The markets were little changed Wednesday as investors awaited the start of reporting of corporate earnings for the second quarter.

There's more evidence that the darkest days for the U.S. economy may have been realized in the first quarter of this year. The American Bankers Association reports today that its composite ratio -- a compilation of eight installment loan categories -- rose to 3.23 percent in the first three months of the year. One category, bank card delinquencies, rose to 4.75 percent. The ABA traces the increase directly to the problems in the job market. "When people lose their jobs, they can't pay their bills. Delinquencies won't improve until companies start hiring again and we see a significant economic turnaround," said chief economist James Chessen.

Stock prices fell for the fourth time in the past five sessions Tuesday on growing doubts about the potential for an economic recovery in the second half of 2009.

The profit-taking on Wall Street stretched to a third week last week, the result of a sharp sell off on Thursday. The Dow Jones industrials dropped 223 points to 8,280, its worst performance since April 20. The drop came after the Labor Department report that U.S. payroll shrank by 467,000 in June, much more than had been expected. Traders took the news as an indication the economy could remain in recession mode for longer than expected.

Investors returned from the Independence Day weekend in a cautious mood Monday. Stock prices were little changed throughout most of the session.

At the annual meeting earlier this year of Sempra Energy, shareholders narrowly rejected a proposal to have an advisory vote on executive compensation. The proposal had also been presented at previous annual meetings.

The Labor Department report on June employment was a huge disappointment this morning. The nation's unemployment rate rose to 9.5 percent, the highest level since 1983. However, it was the job losses that came as a surprise with payrolls declining by 467,000, well above expectations. Stocks are taking a beating on the news, as are oil prices. Crude has dropped below $67 a barrel.

A worse than expected employment report sent stock prices sharply lower Thursday.

Despite a little dip yesterday, the second quarter of 2009 went into the books as a winner. Leading the way was the Nasdaq composite with a gain of 20 percent during the three-month period, followed by the S&P 500 up 15 percent and the Dow Jones industrials gained 11 percent. The Dow was down for June -- just 0.6 percent -- but it did snap a string of three consecutive months to the upside. The Dow had not had a positive quarter since the third quarter of 2007.

Stock prices were slightly higher Wednesday but finished off the best sessions of the day.

The Conference Board reports this morning that, following two months of sharp gains, its consumer confidence index declined in June. The biggest concern centered around the job situation.

Stock prices were lower Tuesday but closed out one of the best quarters in nearly 10 years.

Hard to believe, but only a couple of days are left in the first half of 2009. Compared to the turmoil of 2008, it hasn't been a really bad time for investors. We start the week with the Dow Jones industrials down 3.8 percent year-to-date, but about 2,000 points above the March 9 low of 6,547. If it weren't for General Motors and Citigroup -- which were recently booted from the index -- the Dow would be positive on the year. The Nasdaq composite is actually up 16.6 percent since the start of the year and the S&P 500 is up 1.7 percent.

A spike up in oil prices Monday sent stock prices higher.

The state of California seems to be moving from one financial crisis to another on a regular basis. As a result, investors are taking a hard look at the viability of bonds issued by the Golden State.

One month does not make a trend but two months is certainly an encouraging indicator. That's the case with the Index of Leading Economic Indicators complied by University of San Diego Professor Alan Gin for the San Diego County region. In April, the index snapped a string of 24 consecutive months of decline. Few gave the news much credence, suggesting it was a fluke. However, Gin reported yesterday that the index rose again in May thanks to a continued increase in consumer confidence and an improving outlook for the national economy. This is really bad news for all the doom and gloomers out there.

Stocks were mixed again Friday as investors continue to watch the health care, energy and other matters being debated in Washington, DC.

This morning's employment report was a disappointment. The Labor Department said the number of people filing for jobless benefits rose by 15,000 to 627,000 in the past week. The numbers had been dropping toward the 600,000 level and some were suggesting they would break through that barrier, an indication of stability in the labor market. Interestingly, despite that news, stock prices are moving slightly higher.

Stock prices rallied Thursday recovering much of the ground that had been lost in the previous four sessions.

On Monday, the World Bank issued a report saying the global economy would decline 2.9 percent in 2009, much higher than the previous forecast of a drop of 1.7 percent. That news sent the stock market into a spin with the Dow Jones Industrials falling more than 200 points. Today, the Organization for Economic Cooperation and Development said the global recession is close to bottoming out. This report actually revised its earlier forecast that the economy would fall by 4.3 percent to a new reading of 4.1 percent. So far, this news has had little impact on the markets.

The financial markets were little changed Wednesday following the decision by the Federal Reserve to leave short-term interest rates unchanged.

Existing homes sales rose by 2.4 percent in May, posting the first back-to-back gain in sales since September 2005. That's the word this morning from the National Association of Realtors. The group says favorable affordability conditions have buyers bidding on reduced-price homes. The $8,000 tax credit being offered to first-time buyers is helping to spur activity. By the way, legislation is pending in Washington to raise the tax credit to $15,000. Existing sales in the West lagged the overall nation. Activity here actually declined 0.9 percent in May but the pace was 11.8 percent higher than a year ago. Prices in the West are down 30.6 percent in the past 12 months.

Stock prices were little changed Tuesday as investors waited for an important economic report from the Federal Reserve.

The World Bank is forecasting that the global economy will fall 2.9 percent this year. That's a substantial increase from its previous report that suggested a 1.7 percent decline and the news is pushing stock prices lower. The Dow industrials are down triple digits again, adding to the declines last week. The decline marked the third time in the past 15 weeks that the major indexes posted weekly losses.

Stock prices fell sharply Monday following a report suggesting a deepening global economic crisis.

We're only a few days away from tearing another page off the calendar and ending the first half of 2009.

Unless we have a 300-point rally today, it is likely that the Dow Jones industrials will finish the week with a modest loss. It will mark only the third time in the past 15 weeks that the index has posted a loss, a significant run that has seen the Dow gain more than 2,000 points in one of the great stealth rallies of all time. I've said it many times before, but remember that the stock market is a leading economic indicator and right now it is suggesting better things to come in the second half of 2009 and into the new year.

Stock prices were mixed Friday as investors grew cautious ahead of the upcoming meeting of the Federal Reserve Board.

It could be a fluke -- or it could be the beginning of a trend -- but another economic report out this morning is offering support of an economic turnaround. The Labor Department reported that the number of people receiving unemployment benefits fell by 148,000 in the past week to 6.67 million. Why is this important? Well, it is the first decline in the number in 21 weeks -- 19 of which saw the unemployment rolls at all-time highs. And it was the biggest one-week decline in more than seven years.

Stock prices moved higher Thursday in reaction to news on the economy that was better than expected.

It's hard to believe that it was a year ago yesterday that Tiger Woods beat Rocco Mediate in an exciting playoff to win the 2008 U.S. Open golf tournament at Torrey Pines. This year's edition of the championship gets under way tomorrow at the Bethpage golf course in Farmingdale, N.Y. Tiger, of course, is the favorite. He also is a favorite at Carlsbad-based Upper Deck. The sports collectibles company is selling three autographed shirts actually worn by Tiger in the U.S. Open last year. The shirts were used in the first three rounds of the tournament and the authentication includes an actual video of Tiger signing the shirts. Of course, they don't come cheap. The first round shirt is on sale for $30,000. That's right, $30,000. It goes up $10,000 for each of the next two rounds. The shirts went on sale yesterday (www.upperdeckstore.com) and as of 7:30 this morning were still available. A portion of the of the proceeds from the sale will be donated to the Tiger Woods Foundation.

Stock prices were mixed Wednesday as investors reviewed plans by the Obama administration to reform financial markets.

New home construction activity rose by 17.2 percent in May to an annualized rate of 532,000 units. The Commerce Department reported this morning that the bulk of the increase came in multi-family housing such as apartments and condos. The increase came after the pace of construction activity fell to a historical low in April. Also, the government said the producer price index rose by just 2.0 percent, as lower food prices offset higher energy costs. Tomorrow brings the consumer price index report.

Stock prices moved lower for the second consecutive session Tuesday despite encouraging news on inflation and new home construction.

Attendance at the Del Mar Fair is up 10 percent this year compared to the start of the event in 2008. Some suggest that the increase is a result of the trend for "staycations," where people recreate in their own backyards compared to traveling elsewhere for their vacation. Others -- like me -- tend to believe the increase is the result of rising consumer confidence and evidence that people aren't as gloomy as they were a year ago. I had to drive up to Burbank on Saturday and the freeways were jammed with people who were out and about, living life.

Transportation and energy stocks led the overall stock market lower Monday. The declines market one of the biggest drops during the rally in the past three months that had lifted prices over the past three months.

Tourism in San Diego and across the country has been affected by the slowdown in the economy. And, just as things were beginning to show signs of stability, the industry got rocked by the swine flu scare.

A whole bunch of people from Carlsbad-based Life Technologies -- formerly known as Invitrogen -- were on hand in Times Square this morning to push the button to start trading on the Nasdaq exchange. CEO Greg Lucier was on hand for the ceremonies. At the same time, the company's foundation announced it has awarded three grants totaling $2 million to help in the financing of life science education.

A late rally pushed stock prices into positive territory Friday. The gains came during one of the most serene weeks of trading on Wall Street so far in 2009.

Never underestimate the American consumer. Today's report on retail sales found that vehicle sales were up substantially in May as shoppers snapped up big discounts being offered by dealers. As a result, overall sales were up 0.5 percent in May, the biggest increase in four months. Also, the Labor Department reported initial claims for jobless benefits fell by 24,000 in the past week to 601,000. However, the number of people continuing to receive jobless benefits rose to a record 6.82 million.

Stock prices posted modest gains Thursday, pushing the major market indicators to their highest levels in seven months.

Rising mortgage interest rates are having an affect on the housing market and could potentially derail any significant real estate recovery. The Mortgage Bankers Association reported this morning that the average rate on a 30-year fixed rate loan rose in the past week to 5.57 percent from 5.25 percent in the previous week. As a result, the refinance share of all mortgage activity fell to 59.4 percent of total applications, the lowest level since November 2008.

Stock prices traded in a narrow range again Wednesday as investors continued to wait for more economic news before making decisions.

Steve Jobs was a no show at the event in San Francisco yesterday where Apple rolled out new versions of its MacBooks and iPhones. It was suggested that Jobs, who has been on sick leave for nearly six months, might make a cameo appearance at the meeting but that was not the case. Even so, the buzz that the new versions of the iPhone -- including a high-speed model and one priced at just $99 -- was typically exciting. The products will go on sale late next week.

A lack of leadership left stock prices little changed again Tuesday.

Tiger Woods picked up another million dollars over the weekend. He shot a final round 65 on Sunday to run past the rest of the field in the Memorial Golf Tournament in Ohio. But, even Tiger is having some financial problems. It was announced this weekend that plans for a massive golf resort in Dubai have been put on hold because of economic problems being experienced by the United Arab Emirates. This is planned to be the first Tiger Woods designed golf course that, in addition to the course, will include 100 villas, 75 mansions, 22 palaces and a massive hotel. Three holes on the golf course have been completed but work has been halted for at least six months.

Filing a tax return is no easy task. Just ask Treasury Secretary Timothy Geithner.

There were a couple of surprises in the Labor Department's employment report this morning. First, it was reported that payrolls fell by 345,000 in May, well below the 525,000 that the "experts" had been anticipating. However, at the same time, the unemployment rate jumped to 9.4 percent from 8.9 percent in April, a bigger increase than had been expected. It is not unusual when a recession starts to ease to see the jobless rate stay high while the payroll numbers start to improve. It is amazing how every aspect of this recovery is following the script that has been the case in the past.

Stock prices were mixed on Friday despite an employment report that failed to offer clear evidence the U.S. economy is emerging from a severe slowdown.

Investors are waiting for Friday's big employment report. There are inklings that things in the job market could be stabilizing, which is critical for any economic recovery. This morning, the government reported that the number of people filing for unemployment benefits fell by 4,000 to 621,000, still a dangerously high number. However, the overall number of people receiving benefits fell by 15,000 to 6.74 million. The decline, of course, is miniscule. But, it is the first time since the start of January that the number has actually declined. As I say, hope springs eternal.

The prospect of employment stability helped stock prices rise Thursday, posting the fifth gain in the past six sessions.

More Americans are feeling better about the economy and their personal finances. That's among the findings of the latest Discover U.S. Spending Monitor released this morning. For the first time in the history of the Monitor -- which started in May 2007 -- less than half (49 percent) were pessimistic in their economic outlook. And, the overall survey rose for the third consecutive month. "Consumers definitely see brighter days ahead even though currently, things don't seem that great," said Discover's Jilie Loeger.

Cautious comments by Federal Reserve Board chairman Ben Bernake contributed to modest stock losses Wednesday, the first decline in the past five sessions.

General Motors continues to dominate the headlines. After filing for bankruptcy yesterday it was announced that the company would get the boot from the Dow Industrials as of next Monday, replaced by Cisco Systems. Today, S&P says GM will get dumped from its 500 stock index as of the close of business today. It will be replaced by post-secondary education company DeVry. Also, GM says it has reached an agreement to sell the Hummer division although it has not identified the buyer or the price tag for the deal.

Stock prices rose for the fourth consecutive session Tuesday as investors reacted to good news about the housing market and auto sales that topped expectations.

For the first time since 1925, the Dow Jones Industrial Average will soon no longer have General Motors as a component. Shortly after the auto company announced this morning that it was filing for a bankruptcy reorganization, the managing editor of the Wall Street Journal announced that GM would be replaced by Cisco Systems as a member of the elite 30-stock index. "A bankruptcy filing immediately disqualifies a stock regardless of a company's history or its role as a cultural icon," said Robert Thompson, editor-in-chief at Dow Jones. GM's history as a Dow stock goes back to 1915 when it was briefly added to the index only to be deleted a few years later. It was then added in 1925, where it will remain until next Monday when the changes occur.

The bankruptcy of General Motors (NYSE: GM) was more than offset by encouraging economic news sent stock prices higher Monday.

Make it a trifecta. Three reports out this week show a marked improvement in consumer confidence across the country and here in San Diego. Earlier this week, the Conference Board said its consumer confidence survey posted a sharp increase as fewer people fretted about the job market. This morning, the biweekly report from the University of Michigan showed a similar improvement of Main Street confidence. And, amazingly, the leading economic indicator index compiled by USD professor Alan Gin also turned positive in April after having been down in 35 of the past 36 months. But, as you might expect, Professor Gin just couldn't muster up any enthusiasm for the local economy. "Even if a bottom is reached, it is likely that the rebound from there will be weak," said Gin, a genuinely nice man but a committed economic bear.

A late rally pushed stock prices higher Friday closing out the third consecutive month of gains for the major indexes.

One of the oldest adages on Wall Street is "Buy in October, sell in May." However, investors who followed that logic this time around may have left the game a bit too early.

There is a flurry of activity this morning surrounding General Motors. A statement from the company says it has reached an agreement with bondholders to relieve $27 billion in debt through an exchange for equity. "Implementation of this proposal would result in a new GM with a healthy balance sheet, putting the new company on a clear path toward long-term viability and success," said GM in a statement. In addition, the company has paid all of its employees wages that would have been handed out on the first of June. This was done to ease concerns that, if the automaker filed for bankruptcy, the paychecks could be in jeopardy. In addition, GM is likely to name 14 plants on Monday that will be shutdown to cut costs. Will all of this be enough to avoid bankruptcy? Stay tuned.

A decline in interest rates led to a rebound in stock prices Thursday, continuing the trend of volatility following the Memorial Day weekend.

Existing home sales in April rose in line with expectations. The National Association of Realtors said this morning that sales increased 2.9 percent last month compared to March and were down 3.5 percent from April 2008. Here in the West, sales rose 3.5 percent month-over-month and are 19.4 percent higher than a year ago. The inventory of homes for sale rose to a 10.2 supply, up from 9.6 months in March. "The gain in inventory is largely seasonal from sellers entering the spring market. Even with the rise, inventory over the past few months has remained consistently lower in comparison with a year earlier," said NAR chief economist lawrence Yun.

A big surge in consumer confidence has rallied stocks this morning. Prices had opened lower on concerns about the situation in North Korea but that was reversed after the Conference Board said its Consumer Price Index rose sharply based on expectations for an improving job market. The index rose to its highest level in eight months. "While confidence is still weak by historical standards, as far as consumers are concerned, the worst is now behind us," said economist Lynn Franco.

An unexpected jump in May consumer confidence sent stock prices sharply higher Tuesday.

Lost in the flurry of activity surrounding economic stimulus, auto company bankruptcies and national security are several key pieces of legislation that focus on the retirement planning choice of American workers, 401(k) accounts.

George Chamberlin is off for the Memorial Day weekend and will return Tuesday, May 26.

There actually could be a light at the end of the tunnel. According to the Conference Board, its Index of Leading Economic Indicators "rose sharply in April, the first increase in seven months, and the strengths among its components exceeded the weaknesses for the first time in one and a half years." It will be interesting to see if the same thing happens here when USD economics professor Alan Gin releases his report on local economic indicators, which have been trending lower for years, not months.

The recent decline in stock prices picked up steam Thursday as investors took profits leading into the long Memorial Day weekend.

San Diego ranks an impressive number 10 on the list of the top U.S. industrial cities. A new report from Manufacturers' News says there are 790 manufacturing plants here that employ 73,928 workers. The list, of course, is dominated by cities more commonly associated with manufacturing like Chicago, Cincinnati, St. Louis and Indianapolis. However, the top spot goes to Houston with 3,957 plants and 221,697 workers.

Stock prices moved lower late in the session Wednesday as investors reacted to cautious comments from the Federal Reserve.

Good news and bad news in today's housing report. The Commerce Department reported that nationwide, new home construction activity declined by 12.8 percent in April to an annualized rate of 458,000, the lowest level since they started keeping track of these things in 1959. However, most of the decline was in multiple-family projects. Construction of single-family detached homes actually rose by 2.8 percent. But perhaps the biggest shocker in the report was a surge in building activity here in the West where new construction rose by 42.5 percent. Every other region in the country saw declines.

Stock prices were mixed Tuesday as investors began to position their investments for the upcoming Memorial Day weekend.

Small business owners are becoming more optimistic according to the new survey from Wells Fargo. Its Small Business Index rose during the first quarter of 2009 for the first time since 2007. When asked about their financial situation, 61 percent of businesses surveyed said it was very good or somewhat good. That's an increase of 11 percent from the previous period.

A broad rally pushed stock prices sharply higher Monday. Evidence of stability and growth in several key market sectors led the advance.

Voters in San Diego County and all across California will go to the polls on Tuesday to decide the fate of a series of ballot propositions to address the state's growing budget problems. While the outcome of the vote is uncertain, steps are already being taken to deal with the budget gap.

The cost of living remains under control. The government reported this morning that the Consumer Price Index was unchanged in April and, for the past 12 months, is down 0.07 percent. All of that decline is the result of lower prices at the pump. That could change when the May CPI report comes out because there has been a steady increase in gasoline prices in the past few weeks.

Renewed concerns about the timing of an economic recovery sent stock prices lower Friday and for the entire week.

Unemployment claims unexpectedly increased in the past week by 32,000 to 637,000. However, the Labor Department said the increase is easily explained by the 27,000 layoffs announced by Chrysler following its filing for bankruptcy at the end of April. The planned plant closures at General Motors later this month could also make 25,000 workers there eligible for the jobless benefits.

Stock prices rebounded Thursday as investors looked past a disappointing employment report.

A disappointing retail sales report is dragging stock prices lower in early trading today. Some analysts were expecting that consumers might have pushed up activity in April but just the opposite occurred. Sales were down 0.4 percent, well below expectations. One possible explanation is that retailers have slashed prices to clear out inventories and consumers are getting everything they want without having to spend as much.

A disappointing report on retail sales sent stock prices lower Wednesday.

Rough roads around San Diego County are more than a nuisance, they are a pain in the wallet. A report from the American Association of State Highways and Transportation Officials ranks San Diego seventh on the list of metropolitan areas with poor road conditions. It says that we spend an additional $664 a year per person here on car repairs and extra gas to deal with the pot holes and other problems. The association calculates that 53 percent of our roads are in bad shape. Los Angeles, however, has the worst roads in the country with 64 percent of their highways and byways in bad shape.

Stock prices were mixed Tuesday as investors paused ahead of the anticipated retail sales report for April due out before the start of trading Wednesday.

Before you put any letters in the mail today be sure to add two cents of extra postage. The USPS has raised the price of a first class stamp to 44 cents effective today. A law passed a couple of years ago allows the post office to raise prices automatically if the inflation statistics show there has been an increase in costs. The good news is that the cost of additional postage of larger items remains at 17 cents an ounce.

Selling of financial stocks Monday sent overall prices down as investors locked in some of the gains realized in the past two months.

The Securities and Exchange Commission has had its hands full for the past six months dealing with the Bernard Madoff Ponzi scandal and numerous copycat frauds that have been revealed.

The Labor Department reported this morning that U.S. payrolls declined by 539,000 in April, a number well below expectations and the lowest number since October. This is just the latest piece in the growing list of evidence that the economy, while far from robust, has perhaps reached a point where the worst is behind us.

The prospect of an economic recovery sent stock prices higher Friday.

The Alfred E. Newman rally continues on Wall Street. "What, me worry?" seems to be the attitude these days as stock prices continue to climb in the face of uncertainty. The Dow industrials are now up 30 percent since hitting bottom on March 9. Yesterday the blue chip index gained more than 100 points despite the fact that the Treasury will release the long-awaited bank stress test this afternoon and the Labor Department drops the April jobs report before the start of trading on Friday.

Stock prices moved lower Thursday ahead of the release of a government report on the bank stress tests.

The continuing trend of an improving economy picked up more steam this morning. To be sure, the news is still not good, just less bad. The ADP National Employment Report - a preview of the official Labor Department report due out on Friday - showed that private sector employment in April fell by 491,000, well below the 650,000 number that had been expected. "Despite some recent indications that stock prices, consumer spending, and housing activity may be bottoming out, employment, which usually trails overall economic activity, is likely to decline for at least several more months, although perhaps not as rapidly as during the last six months," said ADP's Joel Prakken.

A late rally sent stock prices higher Wednesday. The move came ahead of the official release of bank stress test information of Thursday.

One of the most respected analysts on Wall Street has made a significant change in opinion about the economy and stocks. "I believe there is a chance -- slim, I admit -- that the recession may already be over and that my original belief that it would end this summer may have been too pessimistic," said Liz Ann Sonders, chief investment strategist at Charles Schwab & Co. Sonders is a prolific writer and her cautious comments in the past have proven correct. That's what gives credibility to her latest call.

Stock prices were slightly lower Tuesday as investors were hesitant to cash in their profits from the previous session.

First-time homebuyers helped to pump up pending home sales during the month of March. The National Association of Realtors reported this morning that pending sales - homes in the escrow process pending the actual transfer of ownership - rose in the West by 3.9 percent compared to February and were 1.7 percent higher than March 2008. Nationwide, pending sales were up 3.2 percent month-over-month and 1.1 percent higher than a year ago. Pending sales in the Northeast and Midwest actually declined. At the same time, the NAR reported that affordability remains near all-time highs.

Positive news on home sales and non-residential construction sent stock prices sharply higher Monday.

Americans are planning to celebrate their mothers next Sunday. But, the National Association of Retailers says that current economic conditions may tone down the festivities.

April was a winner for investors. Big gains were registered across the board with the Nasdaq posting the biggest gains, up 12.3 percent. The S&P 500 rose 9.4 percent and the Dow industrials gained 7.4 percent. It was the fourth consecutive April that recorded higher stock prices. And, over the past two months the Dow has gained nearly 16 percent. Interestingly, the rally is getting little attention. The Union-Tribune didn't even mention the positive results in its paper today. I guess the logic remains that good news doesn't sell papers.

A late rally pushed stock prices into positive territory Friday, setting aside concerns about the Chrysler bankruptcy and continuing decline in auto sales.

Don't fight the tape. That's one of the oldest expressions around Wall Street. When the market wants to go up it will and when it wants to go down it will. Well, ever since March 9 the market has wanted to go up. There have been many reports and events that two months ago would have knocked the pins out from under the market, but they are now being ignored. As we put the wraps on April it looks like the Dow industrials and S&P 500 will post the biggest monthly gain since at least 2000, maybe even further back than that.

Stock prices were mixed Thursday but closed out April with the biggest monthly gain in nearly a decade.

The National Pork Board is trying to do damage control in regards to the swine flu. In a press release out this morning it quotes the Center for Disease Control, saying, "At this time, there is no evidence that this influenza subtype is present in pigs in the United States or anywhere in the pig herd in the world." In addition, it cites a comment from Tom Vilsack, U.S. Secretary of Agriculture, "It is important to convey the message that consuming pork or pork products will not cause and cannot cause the illnesses that we are dealing with."

Investors looked beyond a weak economic report Wednesday and pushed stock prices sharply higher. Encouraging comments by the Federal Reserve provided the incentive to buy.

Wall Street was able to fight off the effects of the swine flue yesterday but couldn't bounce back from a scare that brought back chilling memories from nearly eight years ago. The low level fly by of an Air Force One jumbo jet in the area of the financial district that was attacked on Sept. 11, 2001, sent people scrambling for cover. I talked this morning with CNBC reporter Sharon Epperson who was working on the floor of the commodity exchange when the news arrived that a plane was making repeated passes at low levels. She said that the traders literally ran from the floor and trading came to a halt. While some officials in New York were aware that the event - a photo shoot involving the aircraft and the Statute of Liberty - was going to happen, the word did not filter down to many people, including Mayor Bloomberg.

Stock prices were slightly lower Tuesday as growing fears about the spread of the swine flu was balanced by a big increase in consumer confidence this month.

Kudos to investors for not overreacting to the swine flu reports. The stock market is slightly lower mostly in reaction to the impact on travel-related stocks like airlines and cruise companies. Food companies like Tyson are also taking a hit while many drug makers are moving higher. Shares of Gilead Sciences, the maker of Tamiflu, are up.

Weakness in travel and food stocks sent the markets slightly lower Monday as investors reacted cautiously to the swine flu news.

Quietly, with little hoopla, there has been a subtle shift in attitude on Main Street and Wall Street. Not that people are brimming with confidence, but there is ample evidence that maybe, just maybe, better things are to come.

New home sales in March were down but not as much as expected. The Commerce Department said that sales fell by 0.6 percent to an annualized rate of 356,000 units. The experts had been looking for a number around 340,000. In addition, the government revised higher sales figures for January and February. Overall, the three home sales reports this week provided evidence that the market is showing signs of stability and early indications of price recovery.

Stock prices moved higher Friday as investors put off concerns about the bank stress tests that will be disclosed in early May.

Existing home sales in March declined by 3 percent to an annualized rate of 4.57 million units. However, the report from the National Association of Realtors says that home prices rose during the month by 4.2 percent and are still down 12.4 percent from the same month a year ago. In addition, the inventory of homes for sale in March declined by 1.6 percent. In the West, sales declined by 4.2 percent last month but are 18.9 percent higher that the same period in 2008. Median prices here are down 11.1 percent from a year ago.

Corporate earnings were the main focus of investors Thursday as stock prices finished slightly higher.

As companies cut payrolls, reduce benefits and take other steps to deal with the current economy, a surprisingly high number of workers say they fully understand that these actions are necessary in order to achieve future success. A new survey from software company iDashboard finds that 75 percent of workers feel that budget cuts have been reasonable and will ensure the longevity of their companies. Despite news reports to the opposite, 80 percent of the people surveyed said their salary has either remained the same or increased.

News regarding General Motors (NYSE: GM) turned stock prices lower Wednesday. An early rally was sparked by encouraging news from the housing market.

The San Diego district of the California Department of Rehabilitation held its annual awards program yesterday to recognize clients, agencies and employers that provide services and programs to help people with disabilities learn skills that will help them be successful. It was the sixth year I have had the opportunity to emcee the even and it is always one of the highlights of the year. It really puts life in perspective when you see how people overcome obstacles to achieve success thanks to the help of many dedicated professionals, friends and family.

Stock prices rebounded Tuesday after Treasury Secretary Tim Geithner said that the "vast majority" of the nation's banks have enough capital.

Three San Diego County companies are listed in the new Fortune 500 roster. The highest ranking of local companies goes to Qualcomm at 244, followed by Sempra Energy at 252 and SAIC at 266. Also included in the Fortune 1000 list is Leap Wireless at 909. There was a change this year at the top of the list. Exxon Mobil now qualifies as America's largest company with revenues of $442 billion. It replaces Wal-Mart in the top spot.

If there was one group of stocks that you might think would struggle in the current economic environment it would be homebuilders. Yet, just as they seemed to have led stock prices lower over the past few years, so it appears they may be ready to lead to the upside.

The steady climb in stock prices continues to hang below the radar screen of most media outlets. The Dow Jones Industrials are on the brink of posting the sixth consecutive week of gains and has extended its recovered from the March 9 to 24.11 percent. One analyst this morning on CNBC says that this is a faux rally because it has mostly seen traders buying low priced shares in search of quick gains. Well, if that's the case, why have the blue chip stocks in the dow rallied nearly 25 percent in six weeks?

Stock prices were slightly higher Friday and finished the week higher marking the sixth consecutive weekly gain, the first time that has been accomplished since mid-2007. This happened after BB&T Corp. (NYSE: BBT) said housing markets are stabilizing and better-than-expected gauge of confidence drove consumer shares higher.

The stealth rally on Wall Street continued yesterday. The Dow Jone Industrials rose 109 points to 8,029, the fourth increase in the past five trading sessions. Since March 9, the Dow is up 22.6 percent. However, it is still down 8.5 percent so far in 2009. Very few people belive this rally has any legs. Accordingly, that means we actually could see prices continue to move higher. Even the people that run the NYSE are badmouthing the rally. CEO Duncan Neiderauer said yesterday that the recent rally is "deceptive" because it is being driven by traders rather than "real money" investors. He suggested that a real rally isn't likely until June or July.

Stock prices continued to rally Thursday as investors continued to react to corporate earnings reports that have topped expectations.

As expected, foreclosure activity took a big jump in March after a moratorium on on actions by lenders using Fannie Mae and Freddie Mac loans was lifted. According to Foreclosures.com, nationwide foreclosures rose by 44 percent and were up 52 percent in the Southwest. "Hopefully, this is a short-term surge caused by the months of delayed foreclosures. However, this is a very troubling turn after seeing some bright spots early this year," said Alexis McGee, president of Foreclosures.com. California led the nation in foreclosure activity last month with 38,318, a 59 percent increase from February.

Kudos to Sempra Energy. The parent company for San Diego Gas & Electric was selected as one of the 99 companies on the Ethisphere Institute's list of the world's most ethical companies. The ranking is based on factors such as corporate governance, environmentalism, executive leadership and ethical compliance programs. It is the third year that the Institute has published the list.

A weak report on retail sales sent stock prices broadly lower Tuesday, snapping a three-session winning streak.

It's good to be back after a week away. I wish I could say that I was off on a golf junket to the Masters, but the truth is I was recovering from a surgery to repair an detached retina. Anyone who has undergone such a procedure knows that you don't get a lot of lead time to fix the problem. Thanks to the team at Retina Specialists in Poway, I am on the mend and everything should recover as good as new.

Stock prices were little changed Monday as investors waited for first quarter corporate earnings reports to being arriving.

George Chamberlin is a little under the weather, but his regular columns are expected to resume next week.

Having an impact on corporate governance is not easy for small investors. But, if you own millions of dollars worth of a company's stock, all of a sudden you have a voice in the boardroom.

The Labor Department reported that the nation's unemployment rate rose in March to 8.5 percent, the highest level since 1983. And, U.S. payrolls declined by 663,000 during the month. Both reports were in line with expectations.

Investors shrugged off another negative employment report Friday and pushed stock prices higher for the fourth consecutive session. Also, Federal Reserve Chairman Ben S. Bernanke said programs to unfreeze credit markets are working.

The recent stock market rally continues to pick up momentum. After bottoming at 6,440 on March 9 - less than a month ago - the Dow Jones Industrials have been on a tear. Early this morning, the index came close to touching 8,000 despite news of continuing problems in the job market. It is unusual for the markets to be so enthusiastic leading in to tomorrow's report from the Labor Department on March payrolls.

Momentum continued to carry stock prices higher Thursday ahead of a key economic report that could influence future trading.

Pending home sales rose nationwide and in three regions of the country but fell here in the West during the month of February. The National Association of Realtors said pending sales - properties that are in escrow and waiting to close - were up 2.1 percent thanks to a thawing out in the Midwest and Northeast. In the West pending sales were down 13.5 percent.

Stock prices started the second quarter of 2009 with solid gains, continuing the rally that began in early March.

The people at the Conference Board seem to hate the idea that the economy could possibly be on the mend. Its monthly Consumer Confidence Index report released this morning showed a slight improvement over the February numbers that hit an all-time low. Even the words they used in the press release reveal their attitude. For instance, it said, "The employment outlook was also moderately less pessimistic." They could have just as easily said, "The employment outlook was slightly more optimistic." It also used terms like "less negative" when "more positive" would have also worked. Go figure.

The first quarter of 2009 ended Tuesday with stock prices moving modestly higher. However, the three-month period saw significant declines for the major market indexes.

The mood among America's small business owners has improved in the past month. The Discover Small Business Watch index posted its biggest jump in confidence in nine months as the number of owners who say the economy is getting worse dropped from 69 percent in February to 60 percent in March. And, 24 percent see economic conditions for their own business improving, up from 19 percent in the previous month.

Renewed concerns about banks and automakers sent stock prices sharply lower Monday.

When is a bull market not a bull market? Evidently the answer to that question is when the media decides it is not a bull market. The definition of a bull market is when the market indicators rise by 20 percent or more from their recent lows. Conversely, a bear is a 20 percent decline from highs. Well, as of the close of trading yesterday, the Dow industrials, Nasdaq composite and S&P 500 are all up more than 20 percent from the low that was hit on March 9. In just 13 trading sessions the stock market - the most accurate leading indicator of the economy - has staged a powerful rally. But you would never know it. The Union-Tribune didn't even acknowledge the gains on the front page of its "business" section. We, of course, at the Daily Transcript always provide front page coverage of the stock market whether it is good or bad news.

The Mortgage Bankers Association said yesterday that it is raising its forecast of mortgage originations in 2009 by more than $800 billion, no small amount. The group says that it expects originations to total $2.78 trillion, making this year the fourth largest year on record. That's not bad for a market that we are told in collapsing. Of course, even the MBA is putting a negative spin on this report. "Even with amazingly low interest rates, lower home prices and the first-time homebuyers tax credit, it is unlikely that we will see an increase in overall home sales until we see some stabilization of employment," said the groups chief economist. Why do economists always look at the worse case scenario?

Investors continued to push stock prices higher Thursday, extending the market's best monthly gain since 1974. Traders were cautious ahead of comments by Treasury Secretary Tim Giethner but rallied after Gary Stern, the president of the Minneapolis Federal Reserve Bank, said the U.S. recession could end around mid-2009.

A series of better-than-expected economic reports this morning has the stock market moving higher again. The first report came from the Mortgage Bankers Association saying that applications for refinance loans rose more than 41 percent in the past week as homeowners took advantage of the lowest interest rates in history. The MBA said the average rate on a 30-year fixed-rate loan dropped to 4.63 percent from 4.89 percent in the previous week.

Stock prices seesawed Wednesday and closed the session higher. Positive news on manufacturing and home sales provided the impetus for the rally.

Here's a bit of a shocker: The Consumer Electronics Association says that its measure of consumer confidence has climbed to its highest level in more than a year. The CEA-CNET Index of Consumer Expectations has risen this month following three consecutive months of declines. "With recent increases in the stock market and some signs of a firming in the real estate market, consumers are beginning to indicate they'll be better off financially over the next year," said economist Shawn DuBravac.

Profit-taking took stock prices lower Tuesday as the markets have back about a third of the gains registered in the previous session.

Stock prices are higher this morning as investors react to the latest plan from the White House and Department of the Treasury to stimulate bank lending and get the economy moving. The idea this time is private and public partnership that will purchase troubled mortgage loans off the books of banks allowing them to start lending again. The devil is in the details and there is some concern why private investors - hedge funds and other institutions - would get involved in this effort if the chance exists that the government will not allow them to reap the benefits. The talk is that there could be some limit on how much they can benefit from their investment, just as employees at financial firms that received bailout funds cannot receive bonuses.

Stock prices rallied sharply Monday, capping the market's steepest two-week gain since 1938, after the Treasury Department issued its latest plan to help banks get rid of their bad assets.

Despite millions of dollars of public and private research -- often conducted by companies here in San Diego -- the fight to control diabetes is meeting limited success and the population of people who suffer from the disease is growing rapidly.

The bonuses that were paid to AIG executives continue to dominate the news headlines. However, another company handing out $2 billion to its employees isn't even being mentioned. Wal-Mart yesterday distributed the money to about 1 million hourly works as part of a profit sharing program. Some workers received direct payment while others had as much as $1,200 contributed to the 401(k) accounts.

Stocks fell for the second consecutive session Friday, but still managed to post a gain for the week.

The announcement from the Federal Reserve yesterday that it will buy $1.2 trillion in U.S. Treasury and mortgage securities sent interest rates plunging. This morning Freddie Mac announced that the average rate in the past week on a 30-year fixed rate mortgage loan dropped to 4.98 percent, just slightly above the all-time low of 4.96 percent set in early January. A year ago the rate was 5.87 percent. The anticipation is that by this time next week the rate could be at or below 4.50 percent.

The fear of inflation sent stock prices modestly lower Thursday and triggered a sharp rally in commodity prices.

It was interesting to watch how most of the media responded to yesterday's report that new home construction activity rose by 22 percent in February over the previous month. "Home-building boom likely a blip," read the headline in USA Today. And, of course, the glee over the MDA DataQuick numbers that showed home prices in Southern California were steady in February led to this UT headline, "Housing slump not even close to ending."

Stock prices rose again Wednesday after the Federal Reserve announced a major purchased of U.S. Treasury securities in an effort to push interest rates lower.

New home construction activity last month rose by 22 percent to an annualized rate of 583,000 units. The Commerce Department said that most of the increase came from multi-family dwellings, such as apartment houses. It didn't take very long for naysayers to suggest the numbers really reflected a catch up in construction activity following several months of harsh winter weather along the Eastern coast. Building permits, a sign of future activity, also rose by 3 percent. However, applications for single-family units were up by 11 percent, the biggest increase in 18 years.

Stock prices were higher Tuesday for the fifth time in the past six sessions. Investors looked beyond the political debate over the $165 million in bonuses paid to AIG executives and instead, focused on a strong home construction report and steady inflation news.

The mood on Wall Street - and on main Street - really seems to have made a shift. The stock market posted one of its biggest rallies in months last week, with the major indexes registering gains of around 10 percent. Consider this: The Dow industrials have only posted weekly gains four times since the end of October. That's about as ugly a market trend as I have ever seen.

Weakness in technology stocks pushed the overall market lower Monday, snapping a four session winning streak.

With April 15 less than a month away, more and more taxpayers are filing their tax returns early this year in order to get the windfall of a tax refund.

A bit of clarification on my comments in yesterday's column about retail sales: I mentioned that sales increased by 1.8 percent in February. That, however, was the revised number for January, which had originally been reported up 1.0 percent. The actual number for last month was a decline of 0.1 percent, still well above the consensus number of 0.4 percent.

Another late session rally took stock prices higher Friday extending the recent rally for a fourth day.

What do consumers know that the experts seem to be missing? The Commerce Department reported this morning that retail sales in February rose by 1.8 percent, well above the 0.4 percent increase that had been predicted by the "experts." It was the second month in a row that sales activity increased, a fact that annoys the people who are betting on a collapse of the economy. Increases in furniture sales, clothing, electronic appliances and overall department stores more than made up for the continuing decline in auto sales.

Stock prices rose for the third consecutive session Thursday in reaction to a solid retail sales report and continued strength in financial stocks.

Stock prices were sharply higher yesterday catching a lot of traders off guard. The 379 point gain in the Dow Jones Industrials came after Fed head Ben Bernanke suggested that the end of the recession could come before the end of this year. Also, comments by the CEO at Citigroup that the company has been profitable in the first two months of the year put the squeeze on short-traders and took shares higher across the board. Early trading on Wednesday finds stocks higher again. It has been more than a month since the markets have been able to put together back-to-back winning sessions.

Stock prices were slightly higher Wednesday as investors held on to the big gains in the previous session.

The Manpower Employment Outlook Survey shows a slight increase in the number of local companies who plan to hire more employees in the second quarter. The survey finds that 12 percent of companies in San Diego County plan to hang the "help wanted" sign out in the next three months, an increase from 10 percent in the current quarter. And, 15 percent say they will reduce their payrolls, less than the 20 percent who planned to cut jobs in this period.

Stock prices moved sharply higher Tuesday after positive comments from Ben Bernanke and reports that Citigroup Inc. (NYSE: C) had been profitable through the first two months of 2009.

The San Diego business community is mourning the tragic death of George Chandler, killed Friday in an automobile accident. George spent 25 years as the district director for the Small Business Administration here in San Diego where he helped thousands of entrepreneurs get their start. Unknown to a lot of people was the amazing career he had with NASA before joining the SBA. Trained as an engineer, he was involved with the early astronaut programs and worked with Wernher Van Braun and the scientists who launched the Mercury program. In retirement, George and his wife, Irene, continued their support for the arts, including local opera programs. George was a gentle soul and will be sorely missed.

The financial markets continued to struggle Monday as concerns about the banking sector and global weakness pushed stock prices lower again.

For once the experts got it right. The Labor Department reported this morning that U.S. payrolls fell by 651,000 in February, just slightly above what economists had been expecting. However, the nation's unemployment rate rose from 7.6 percent to 8.1 percent, more than had been anticipated. Since the numbers were pretty much in line with expectations, there will likely be little response on Wall Street.

General Electric recently found itself in a position shared by a growing number of companies. In an effort to cut costs it decided it had to cut its dividend to shareholders, a move that will save the company $9 billion on an annualized basis.

Despite hope that the new year would bring a recovery in the economy and the stock market, 2009 seems to be "same stuff, new year."

It is not a good time to be a company whose name starts with the word General. For instance, in a 10-K filing with the Securities and Exchange Commission, General Motors said, "our recurring losses from operations, stockholders deficit and inability to generate sufficient cash flow to meet our obligations and sustain our operations raise substantial doubt about our ability to continue as a going concern." GM shares are trading below $2. And, General Electric has lost about $264 billion in market value in the past year and there are fears the company could lose its AAA rating. That caused one analyst to say, "It's a leper right now." GE trades around $8, Less than two years ago it was a $40 stock.

Stock prices fell another 4 percent Thursday as investors continued to fear that bellwether stocks like Citigroup Inc. (NYSE: C) and General Motors (NYSE: GM) may be on the brink of failure or bankruptcy.

Preliminary reports suggest that the new housing recovery plan from the Obama administration will positively impact as many as 9 million homeowners. The plan, to be presented later today by Treasury Secretary Geithner, would cut the mortgage rate for qualified owners to as low as 2 percent, extend the mortgage terms to 40 years, and, if necessary, modify the amount of the loan. There is little that is substantially new in the plan, which makes you wonder why Geithner wasn't able to present it a month ago when he stumbled through a much anticipated speech that was short on detail and triggered a sell off on Wall Street.

Housing sales trends here in the West continue to run counter to national trends. The National Association of Realtors reported this morning that pending home sales - properties in the escrow process - rose in the West in January by 2.4 percent, compared to a national decline of 7.7 percent. No doubt harsh weather may have had an impact in certain areas. For instance, the Northeast saw a decline of 12.7 percent and pending sales were down 19.7 percent compared to the same month a year ago. In the West, pending sales are actually 13.5 percent higher than they were in January 2008.

Testimony on Capitol Hill on Tuesday by two of President Obama's top economic advisors did little to calm investor concerns.

The media is having a blast with the annual letter from Warren Buffett to his Berkshire Hathaway shareholders. The pull quote seems to be that the U.S. economy is in shambles and will remain that way through 2009 and beyond. Marketwatch.com's Alistar Barr wrote that neither Buffett or his partner Charlie Munger "can predict winning and losing years in advance." However, if he would have read the first page of the report he would have seen that, indeed, Buffett did make a bold prediction about the economy and markets saying, "America's best days lie ahead."

Stock prices declined sharply across the board Monday as financial stocks led the 4 percent sell off.

The markets got hit with a triple whammy this morning. First, the Commerce Department revised the fourth quarter GDP number to show a decline of 6.2 percent, well below the initial reading of a loss of 3.8 percent. Second, Citigroup reported that the government is increasing its ownership of the troubled bank to 36 percent, and finally, closer inspection of the Obama budget is raising big concerns on a number of fronts. The biggest concern: who and how are we going to pay for everything.

San Diego County is home to a growing population of baby boomers. While many of them are able to enjoy an active and productive lifestyle, a new survey finds that one in eight of those over the age of 55 is at risk of developing Alzheimer's disease.

There's no good news for homebuilders. The government reported this morning that new home sales fell by 10 percent in January to an annualized rate of just 309,000 units, the lowest level in history. Compared to the same month a year ago, sales are down more than 48 percent. And, making matters worse, the inventory of new homes for sale rose to 13.3 months, also a record.

An early rally Thursday faded late in the session. Health care stocks led the markets lower on concerns that the new federal budget could reduce payments for Medicare services.

The West was the only region in the United States to avoid a drop in existing home sales in January. The National Association of Realtors reported that nationwide sales declined 5.3 percent to an annualized rate of 4.49 million units. Sales in the West were unchanged last month -- but up 29 percent from the same month a year ago -- while activity in the Northeast dropped by 14.7 percent and sales in the Midwest and South were both down 5.7 percent. The NAR also reported that the inventory of homes for sale declined by 2.7 percent to a 9.6-month supply. The median price of a home sold in the West was $220,000, down 25.5 percent from January 2008.

Stock prices seesawed Wednesday as investors digested the latest stimulus package news, declining home sales and rising energy prices.

A new report from the Small Business Research Board finds that the confidence of small business, especially in the West, rose significantly in the fourth quarter of last year. The group's Confidence Index showed that 31 percent of owners surveyed planned to increase hiring in 2009, up from 22 percent in the previous period. And, 40 percent of the small businesses said they believe the economy will improve, 12 percent higher than in the third quarter.

Encouraging comments from the chairman of the Federal Reserve Board sent stock prices higher Tuesday.

Congratulations to the folks in Escondido for pulling off a wonderful event as the Amgen Tour of California ended in their fair city. The eyes of the world's competitive bicycling community were focused on the nine-day event and having it end here was quite an honor. The town looked great and the enthusiasm of the people along the route was exciting to watch.

Stock prices slide again Monday pushing the major market indexes down another 3 percent.

The devastating decline in the stock market has implications well beyond personal portfolios and retirement plans. A news study finds that, as goes the stock market and economy, so goes charitable contributions.

Looks like we have moved into the "circle the wagons" mode. The Dow this morning has dipped to the lowest level since 1997, gold has hit $1,000 an ounce, and there is little confidence that the economic stimulus package and mortgage rescue plan will do much to turn things around. Of course, being a contrarian at heart, I cheer the fact that fear is running rampant, a sign that the worst may be over. It always has been and there's no reason to think it will be different this time.

Stock prices fell again Friday. Most of the declines came after Obama administration officials said that the U.S. economy is going to "suffer for a long time."

Shares of Hewlett-Packard are taking a hit this morning following a report that sales declined in the past quarter and forecast that sales of PCs and other related equipment will continue to decline worldwide throughout 2009. Bloomberg is reporting that CEO Mark Hurd is taking a 20 percent cut in pay and other executives will take a 10 to 15 percent shave. In addition, most other employees will also see their wages cut by 5 percent. A private study by Equilar found that 106 companies have reduced executive pay because of current conditions.

Continued weakness in the financial sector took stock prices lower Thursday. Growing concerns that major banks in the United States could be nationalized caused investors to continue selling.

To the surprise of absolutely no one, new home construction activity fell sharply in January. The Commerce Department said housing starts last month fell by 16.8 percent to an annualized rate of just 466,000 units. Here in the West, however, activity was down by only 6.4 percent. It also comes as no surprise that homebuilders themselves are also down in the dumps. The National Association of Homebuilders says its survey of the industry finds confidence among the group members is holding at all-time lows. While they are optimistic that the stimulus package and foreclosure mitigation plan being offered by President Obama could spur some activity, the relief could be too little too late.

Stock prices were little changed Wednesday as traders suggested the impact of the stimulus plan and the new $75 billion housing proposal from President Obama.

Stock prices are getting hit hard this morning as investors return from the three-day weekend with grave doubts about the economy, the stimulus package (to be signed by President Obama this afternoon), and a number of other factors. The S&P 500 stock index has dropped below 800 for the first time in a while.

Stock prices retreated back to the November lows Tuesday on concerns that the new economic stimulus package and other government rescue plans won't be enough to stabilize the world economies.

Many retailers are struggling to make a profit these days, and nowhere is the competition more aggressive than in the grocery business.

It seems to have worked well for Apple, so Microsoft has decided to take it to the streets. The company announced Thursday it has hired a former Wal-Mart executive as vice president of retail stores. David Porter will lead the effort to create "a better PC and Microsoft retail purchase experience for consumers worldwide through the development and opening of the company's own retail stores." In making the announcement, COO Kevin Turner said Microsoft was working hard to transform the buying experience at the retail level "by improving the articulation and demonstration of the Microsoft innovation and value proposition so that it's clear, simple and straightforward for consumers everywhere." Just a suggestion: The first step might be to stop using words like "articulation" in your press releases.

Stock prices were lower Friday on continued concerns about the banking sector and the effectiveness of the economic stimulus package that is headed to the President's desk.

Much to the surprise of experts, retail sales in January posted the first gain in six months and the biggest increase in more than a year. Of course, anyone who had been in a mall and tried to book a table at a restaurant over past weekends, knows that activity has picked up in recent weeks. But, these geniuses out there - who never go shopping or have social skills that would make them comfortable in a restaurant - don't like to be proven wrong. "We absolutely are not buying into this result," said Stephen Stanley, chief economist at RBS Greenwich Capital.

A late session rally brought stock prices back from a sharp decline in early trading Thursday. Reports that a new program to assist troubled homeowners helped stocks recover.

A new report from Foreclosures.com finds that during January, California "continued to see dramatic change as foreclosures dropped and buyers moved into the real estate market." The report found that completed foreclosures here dropped by more than 31 percent in January to 14,351, the lowest level since December 2007. "It's not quite time to pop the celebratory champagne. But Fannie Mae and Freddie's mortorium on foreclosures before the holidays, big lenders emphasizing loan workouts, and states taking steps to slow down foreclosures are all working together to make a difference," said president Alexis McGee.

The pending approval of an economic stimulus package from Congress brought cautious buyers back into the stock market Wednesday.

Get ready for a triple whammy out of Washington today. First, Treasury Secretary Geithner will introduce the latest plan to stabilize the banking industry and put billions of dollars into the system. That will be followed by a vote in the Senate on the economic stimulus plan. It is expected enough votes have been lined up for passage and the go into compromise with the previously OKed House plan. Finally, Fed chairman Ben Bernanke goes before a Senate committee to discuss the economy and other stuff.

A lack of detail in the bank rescue plan discussed Tuesday sent stock prices sharply lower. Investors had anticipated some clarification would be provided by the Treasury Secretary and Federal Reserve Board chairman in their testimony.

Investors returned to work this morning a bit disappointed that they will have to wait another day to get the latest details on the next phase of the bank recovery program. Treasury Secretary Geithner was supposed to have explained the TARP II plans today but that has been postponed. Perhaps President Obama will have something to say about the plan in his prime time news conference tonight from Indiana.

Stock prices were mixed Monday as investors await more details from the Obama Administration about the latest economic stimulus plan and bank recovery proposal.

Two life sciences companies -- one based in San Diego and the other with a dominant presence here -- are being targeted by Carl Icahn, a legendary investor who usually gets what he wants.

The jobs news was not good this morning. The Labor Department said U.S. payrolls fell by 598,000 in January and the nation's jobless rate rose to 7.6 percent. Of course, the stock market got clobbered after this news, right? Wrong. Stocks immediately jumped triple digits to the upside, potentially posting the third 100-point gain in the past four sessions. Veterans on Wall Street will tell you that when the markets go up after bad news, it could be signaling a significant move higher in the offing.

A sharp decline in U.S. payrolls wasn't enough to keep investors from pushing stock prices higher Friday. As a result, the markets posted their first weekly gains in more than a month.

Get ready for a terrible employment report tomorrow. The January figures from the Labor Department are likely to show a huge drop in payrolls and a jump in the unemployment rate. The weekly report this morning of initial claims for jobless benefits saw an increase of 41,000 to 626,000, the highest level since 1982. For those who weren't around back then, that year marked the bottom of the recession and led to a powerful recovery.

Stock prices moved higher Thursday despite several negative economic reports.

A new survey reports an increase in consumer confidence, but you would never know it if you read the press release from the company that took the poll. The Discover U.S. Spending Monitor rose slightly in January. However, the release from the company said, "The rise in optimism was largely offset by continued restraint on spending intentions, as consumers, buffeted by dismal housing, labor and financial news continue to keep a tight hold on their purse strings."

Stock prices were lower Wednesday, giving back the gains from the previous session. A report suggesting that U.S. payrolls fell by more than 500,000 in January raised concern with investors.

Homebuyers were taking advantage of low mortgage interest rates and bargain prices in December. The National Association of Realtors reported this morning that pending home sales rose by 6.3 percent nationwide over the previous month and were 2.1 percent higher than the same month in 2007. In the West, pending sales fell 3.7 percent for the month but are still 17.5 percent higher than a year ago. "For a sustainable housing market recovery and, hence, sustainable economic recovery, we need a significant housing stimulus and mortgage availability for qualified borrowers," said chief economist Lawrence Yun.

Despite coming off the worst January for the Dow industrials in history, there is a glimmer of hope for the stock market. The Dow declined 8.8 percent last month, topping the 8.6 percent decline in December 1916. But, investors should be cheered by the victory of the Pittsburgh Steelers in the Super Bowl. Following the five previous victories for the Steelers in the big game, the S&P 500 has posted an average return of 25.5 percent. We can only hope that past is prologue this time around.

Hardly a day goes by that there isn't a report of a Fortune 500 company cutting payrolls to deal with slowing sales and revenues around the world. While these reports are great fodder for the doom-and-gloom segment of the media, they really don't paint a true picture of the job market.

Turns out the U.S. economy declined in the fourth quarter of last year, but not as much as the "experts" had been expecting. The Gross Domestic Product -- the sum total of all goods and services produced in the United States -- fell by 3.8 percent in the last three months of 2008. But, the people who get paid big bucks to monitor this stuff had predicted that the GDP was due for a fall of 5.5 percent. The number will be revised several times in the next few weeks but will never get to the level that was predicted. It's just another example.

Stock prices were down Friday, closing out one of the worst months in market history.

No big surprise: The Commerce Department reported that new home sales in December -- the middle of winter -- fell to the lowest level in history. Sales on an annualized basis totaled 331,000 units, down 14.7 percent. At the same time, the Federal Home Loan Mortgage Corporation reported that the average rate on a 30-year fixed rate loan held steady in the past week at 5.10 percent.

Stock prices moved sharply lower Thursday on negative news in the housing and labor markets as well as troublesome corporate earnings reports.

Buried in a press release yesterday from the California Association of Realtors was an amazing statistic about the rapidly changing real estate market. The report said the group's Unsold Inventory Index for existing, single-family detached homes was 5.6 months in December. That is a dramatic drop from 13.4 months in the same period a year ago. The index measures the number of homes for sale and factors in the pace of recent activity. That means the current supply of homes for sale will be depleted in less than six months. It is all a factor of affordability. With mortgage interest rates at record lows and home prices well below peak levels, more and more people are buying. The supply of new homes for sale also is winding down and nothing new is in the pipeline. So, it is time for an economic refresher. The key factor in prices is supply and demand. With inventories shrinking and pent up demand on the rise, ultimately prices will rebound.

Stock prices continued to rally Wednesday as reports suggested that a so-called "bad bank" could be established to deal with troubled loans owned by banks.

No big surprise that consumers continue to be down in the dumps. The Conference Board reported this morning that its Consumer Confidence Index dropped this month to a historic low. "Consumers remain quite pessimistic about the state of the economy and their earnings. And, we can't say that the worst is behind us," said director Lynn Franco.

Investors had little reaction to more weakness in consumer confidence Tuesday and stock prices moved higher based on quarterly earnings reports that were better than expected.

Existing home sales in the West rose by 13.6 percent in December, the biggest increase of any region in the United States during the month. Nationwide, the National Association of Realtors said sales increased by 6.5 percent. Chief economist Lawrence Yun said, "There is a pent-up demand, which could be unleashed with the right stimulus, including a non-repayable home buyer tax credit." The inventory of homes for sales fell 11.7 percent to 3.68 million units, which represents a 9.3-month supply, down from 11.2 months in November. However, prices continue to slide. The median price for a home sold in the West fell to $213,100, down 31.5 percent from December of 2007. Remember, that reflects the median price of a home sold. The bulk of transactions involved foreclosed or short sell properties, which obviously are the lowest priced sector.

Stock prices were slightly higher Monday despite mixed corporate earnings and more layoff announcements.

When the best men's golfers in the world -- minus Tiger Woods -- gather at Torrey Pines for the Buick Open next week (Feb. 2), it will be a reminder of last year's glory, the dramatic U.S. Open.

Wall Street continues to flounder in an effort to find support. The Dow industrials have opened triple digits to the downside again today. If it stays that way the Dow will have dropped more than 100 points in three of the four trading sessions this week. It seemed that yesterday's announcement about job cuts at Microsoft -- the first time in the company's history that it has reduced payrolls -- shocked traders. Microsoft has more than 90,000 employees and the announcement was that it is cutting 1,400 jobs immediately and could eliminate another 3,400 positions over the next 18 months. I imagine a company that size would lose that many workers simply through attrition.

Stock prices were mixed Friday. However, it was another down week for most of the major market barometers.

New home construction activity fell to the lowest level in history during December. The Commerce Department said building activity fell by 15 percent to an annualized rate of 550,000 units. For all of 2008, housing starts fell by 33 percent to 904,000 units, the lowest pace since the government began keeping records in 1959. And, even more ominous, building permits issued last month fell by 12.3 percent, suggesting construction of new housing units in 2009 could drop to a record low of 363,000. One astute analyst said this morning that this may be bad news for the construction industry, but good news for the housing market. "When you are in a hole, the first thing you do is stop digging," said UBS economist Maury Harris in a statement about the Commerce Department report. "The more starts plunge now, the quicker home inventories are likely to be reduced, potentially limiting the ultimate drop in home prices."

Stock prices fell Thursday following an announcement from Microsoft that it will cut 5,000 jobs over the next 18 months, the first layoff in the company's history.

It was a tale of two different worlds yesterday. While millions of Americans gathered in Washington, D.C. to celebrate the inauguration of Barack Obama as the 44th president of the United States, investors were aggressively selling stocks. The 332-point decline in the Dow industrials was the largest Inauguration Day decline in history. And, the 14 percent drop between election and Inauguration broke the record for the biggest decline in that period. The old record of 13 percent was sent back in 1932-1933 when FDR was elected. The good news is that following FDR's inauguration, the stock market launched a 75 percent rally. We can only hope.

A rebound in the banking sector pushed stock prices higher Wednesday, recovering the bulk of the losses in the previous trading session.

Despite all of the excitement and enthusiasm over the inauguration of a new president, the stock market is getting clobbered this morning. Of course, that should not come as a big surprise. Since the formation of the New York Stock Exchange in 1896 there have 33 presidential inaugurations and 72 percent of the time the stock market has declined on the day. However, the good news is that 53 percent of the time the stock market is higher a year later.

Stock prices fell sharply Tuesday, the first official day of the new Obama administration. The decline was led by a dramatic drop in banking shares on concerns that there will be a growing need for new capital.

George Chamberlin's "Money in the Morning" will return Tuesday, Jan. 20.

If you can't make it back to Washington, D.C., for Tuesday's presidential Inauguration you might want to swing up to Carlsbad sometime soon.

Inflation, as measured by the Consumer Price Index, rose by only 0.1 percent in all of 2008, the smallest increase in 54 years. All of the credit, of course, goes to the dramatic drop in energy prices, which are now starting to impact other areas. The December CPI reading saw a drop of 0.7 percent with energy prices falling 8.3 percent. The food at home index fell 0.4 percent for the month thanks to a big decline in fruits and vegetables.

Despite more evidence of a slowing economy, stock prices were able to post modest gains Friday.

The monthly consumer confidence report from RBC Capital Markets released today carries this headline: "Americans Appear to be Waiting for the Obama Administration to Throw it a Lifeline." According to the Consumer Attitudes and Spending by Households Index, 53 percent of all consumers say they or someone "in their close circle has lost their job due to the economy." And, 66 percent say they are less confident now in their ability to make investments for the future than they were six months ago. "Many consumers appear to be holding their breath to see what the new administration will do to address the struggling economy," said T.J. Marta of RBC.

Stock prices were slightly higher Thursday despite more bad news in the job market and slow economic growth.

Stocks are getting rocked this morning after the Commerce Department reported that retail sales fell by 2.7 percent in December. The number is much worse than the experts were expecting, which comes as a bit of a surprise. Last week the individual retailing companies came out with absolutely terrible sales reports for the month and it would only seem logical that the composite number would be pretty nasty. But I guess that's too difficult for economists to figure out.

Deepening concerns in the banking sector and weak retail sales in December continued to weigh on the financial markets Wednesday.

Executives from Jack in the Box -- and, of course, Jack himself -- were in Times Square this morning to start trading on the Nasdaq. The company was celebrating its transfer from the NYSE to the Nasdaq, which is somewhat unusual as many companies go the other way. CEO Linda Lang presided over the event along with other company officials.

Investors are girding for corporate earnings reports to start flowing in this week. As is the tradition, Alcoa will lead off the reports and the numbers across the board are not expected to be pretty. Also, this week will feature economic reports on inflation and retail sales.

Concerns that corporate earnings for the past three months will come in below expectations sent stock price lower again Monday.

Nowhere is the expression, "The more things change the more they stay the same," more evident than in the world of investing.

Call it a Goldilock's report. Today's update from the Labor Department on payrolls in December was not too hot, not too cold, but just about in line with expectations. The report showed that payrolls during the month declined by 524,000, almost exactly what was anticipated. The nation's unemployment rate, however, did go up to 7.2 percent, the highest level sine January 1993. For all of 2008, payrolls fell by 2.6 million jobs. Interestingly, since the numbers were not as bad as expected -- some were forecasting that December would see a drop of more than 1 million jobs -- the stock market is likely to have a positive response to the news.

Stock prices finished the week lower Friday following another bleak employment report.

Retailers reported across the board this morning that sales in December were down. But, in most cases, they weren't down as much as the "experts" had anticipated. Once again, the headlines don't tell the whole story. For instance, Costco reported U.S. and international sales were down 4 percent during the month. But if you take out the impact of sharply lower gasoline prices -- a big component of Costco sales -- the numbers for the past five weeks were actually up 2 percent. Not that they weren't pumping as much gas, it's just that the prices were so much lower than a month or a year ago that it impacts the overall report.

Stock prices were mixed Thursday despite a series of weak sales reports from retailers and more concerns about the economy from President-elect Barack Obama.

The first of three employment reports due out this week paints a rather bleak picture. The ADP National Employment Report found that private sector payrolls declined by 693,000 in December, well above expectations. The report shows that employment has dropped in 27 of the past 28 months. The Labor Department report due on Friday may not be quite as dour because it also factors in government jobs, which likely will show some increase. Tomorrow, the weekly report on initial claims for jobless benefits will be released. That number has been running around 500,000 a week.

Pending home sales in the West were down 2.4 percent in November but remain 19.3 percent higher than they were in the same month a year ago. The National Association of Realtors says that nationwide pending sales -- homes that are in the escrow process but have yet to close -- were down 4 percent in the month and 5.3 percent compared to November 2007. "It's crucial for Congress and the new administration to move quickly to remove impediments and offer homebuyers the incentives they need to tap into today's historic low mortgage rates," said NAR president Charles McMillan.

Stock prices rose for the fourth time in the past five sessions Tuesday despite another dour housing report and growing concerns about the economy.

"I've decided to share something very personal with the Apple community so that we can all relax and enjoy the show tomorrow," said Steve Jobs when he addressed his health situation in a message distributed this morning. Rumors have circulated for more than a year that the co-founder and CEO of Apple suffered a serious and possibly terminal illness. Turns out that Jobs and his doctors weren't quite sure why he was losing so much weight. "Fortunately, after further testing, my doctors think they have found the cause, a hormone imbalance that has been 'robbing' me of the proteins my body needs to be healthy," Jobs said. The treatment to the nutritional problem is relatively simple but will take until the spring to show results. The announcement come on the day that the MacWorld Expo is scheduled to begin in San Francisco. Don't expect regular updates on his health. Jobs ended his message with, "So now I've said more than I want to say, and all that I am going to say, about this."

Stock prices fell Monday for the first time in four sessions. Trading was less than enthusiastic as investors waited for more details on the economy and a new stimulus plan.

Trying to find a profitable sector on Wall Street in 2008 was no easy task. But sliding below many investors' radar screens was the for-profit education industry. The publicly traded companies in this sector were among the best performers for the year, something analysts believe will continue in 2009.

Could the end of 2008 be an omen of things to come? Quietly -- and with little media attention -- the last two trading sessions of the year logged impressive gains. For instance, the Dow Jones industrials were up a combined 292.46 points or 3.45 percent, the biggest two-day advance to end a year since 1929. And, although the Dow was down 33.8 percent for the year, it did manage to recover from its worst levels. On Nov. 20, the Dow hit 7,552.29, the low for the year, and rallied to finish at 8776.39.

Stock prices started off 2008 with solid gains Friday and extended the recent win streak to three consecutive sessions. It was the best start to a new year since 2003.

It is hard to imagine that at the start of 2008 many people anticipated the local and national banking industry would go through such a dramatic and tumultuous change. The question being asked now is what is likely to happen in the New Year, and how will it ripple through the overall economy.

Disbelief seems to be the reaction to this morning's report on initial jobless claims. The number of people filing for unemployment benefits plunged by 94,000 to 492,000. Of course, last week was a short week because of the Christmas holidays so that probably accounted for most of the decline. But it just showed how hesitant people seem to be to accept any positive news.

The worst year on Wall Street since 1931 finally came to an end Friday. Stock prices closed the session with solid gains after a government report showed a sharp decline in weekly unemployment claims.

Consumer confidence fell to a record low this month, according to the Conference Board. Most of the experts had been expecting a modest improvement based on the continued decline in gasoline prices. "The overall economic outlook remains quite dismal for the first half of 2009, and only a modest recovery is expected in the second half," said Lynn Franco, a leading candidate for the Whiner of the Year award.

Investors ignored negative reports on consumer confidence and home sales Tuesday and stock prices finished the session solidly higher.

Small businesses -- about 96 percent of all companies in the United States and San Diego -- are more confident about their prospects in 2009 than they were last month. According to the Discover Small Business Watch, 21 percent of small business owners believe economic conditions for their businesses are getting better, up from 15 percent in November. And, 12 percent feel the economy is getting better, the highest reading in that category since August.

Stock prices were lower Monday as investors focused on the rising tensions in the Gaza Strip.

You don't have to look far to find an economist or analyst who thinks things look miserable heading into 2009.

Homeowners and homebuyers jumped all over the lowest mortgage interest rates in the past 30 years last week. The Mortgage Bankers Association said applications for refinance loans rose by 62.6 percent and new loan applications were up 10.6 percent. The MBA says the average rate on a 30-year fixed rate loan fell to 5.04 percent, while one-year adjustable rates dropped to 6.36 percent.

No big surprises in the housing reports this morning. The National Association of Realtors reports existing home sales declined by 8.6 percent in November to a seasonally adjusted rate of 4.49 million units. Sales are down 10.6 percent from the November 2007 levels. Here in the West, things were a little bit better. Sales declined in the month by 4.3 percent -- the smallest rate of decline for any region -- and are actually 17.9 percent higher than they were a year ago. The median price for a home in the West was $242,500, down 25.5 percent, the biggest decline of any region in the country.

Stock prices fell for the sixth consecutive session Tuesday after two reports on housing show more evidence of a recession continuing well into 2009.

As of last Friday, less than 65 percent of all shoppers had yet to have completed their Christmas shopping. And, even better yet for retailers, more than 20 percent said that haven't even started looking for presents. The National Retail Federations said holiday procrastinators are waiting to pick up even bigger bargains that what are currently being offered in stores and malls. But, people may be disappointed. Some of the most popular items have disappeared from shelves and will not be restocked. Keeping inventories under control is one of the few things retailers can do to keep costs under control.

A late rally on Wall Street recovered much of the losses from early in the session. The major market indexes finished with modest declines.

One of the first big events of the new year will be the Macworld Conference and Expo in San Francisco in early January. It is usually the time and place that Apple (Nasdaq: AAPL) introduces its newest products.

GM and Chrysler finally got what they have been seeking for the past few months, a helping hand from Washington, D.C. Since Congress couldn't agree on a temporary funding package for the companies, President Bush finally stepped forward with TARP funding to the tune of $17.4 billion. "A letter of intent was signed which outlines specific requirements that must be achieved," said Chrysler CEO Bob Nardelli. Wall Street seems satisfied with the deal. The Dow industrials have gained more than 150 points in early trading.

Stock prices were mixed Friday closing out another week of volatile trading.

FedEx this morning released its results for the past quarter. Among other things, it said profits were up 3 percent, while earnings rose from $479 million a year ago to $493 million in the past three months. So, how did management respond to the news?

Lack of progress in rescue plans for the automobile industry and credit concerns at General Electric (NYSE: GE) sent stock prices lower Thursday.

The Fed's move to cut short-term interest rates was the headline story yesterday. But, as usual, it wasn't what the Fed did but what it said that really moved the market. In its official statement, the Fed explained why it cut the funds rate to between zero and 0.25 percent: "The outlook for economic activity has weakened further." It also reiterated that it expects inflation to continue to moderate in coming quarters and, therefore, "anticipates that weak economic conditions are likely to warrant exceptionally low levels of the federal funds rate for some time."

Stock prices were slightly lower Wednesday, giving back about a quarter of the gains that had been registered in the previous session.

The Federal Reserve can set aside inflation fears and go ahead with another interest rate cut today. The Commerce Department reported that the consumer price index fell by 1.7 percent in November, the result of a 17 percent drop in gasoline and other energy prices. The CPI for the past 12 months is up just 1.1 percent. The Fed will announce its decision at 11:15 Pacific time. Most expect they will cut the Fed funds rate by half a percent to 0.5 percent. What the official statement says about the economy will be of prime interest.

The bigger than expected cut in interest rates Tuesday sent stock prices sharply higher.

There are only 11 trading sessions on Wall Street left in 2008. I think most people agree it will be great to get this year behind us, hoping that the New Year will be better. Things have stabilized a bit as of late. Last week the markets were mostly unchanged with the Nasdaq actually posting a 2 percent gain. Since Nov. 20, the Dow industrials are actually up 14.3 percent, the Nasdaq has gained 17.1 percent and the S&P 500 has added 16.9 percent. However, year-to-date, the Dow is still down almost 35 percent.

Stock prices were slightly lower Monday ahead of the scheduled meeting of the Federal Reserve Board and OPEC.

It's not very often that individual investors and hedge funds have something in common. But this past week they both pumped billions of dollars into U.S. Treasury bills that paid absolutely no interest for the next four months.

Lost in all the debate over the auto industry rescue plan -- or lack there of -- is an amazing report on retail sales in November. The "experts," of course, were expecting doom and gloom. What we got was just the opposite. The Commerce Department reported sales were down 1.8 percent, well below expectations. However, when you dig a little deeper -- which few decided to do -- it becomes clear that all of the decline was the result of cheap gasoline. Sales at the pump dropped from $38.2 billion in October to $32.6 billion last month. And, all of the decline was the result of lower prices. At the same time, sales of furniture, electronics, food and beverages, clothing, sporting goods and even department store sales were all higher for the month. Once again consumers were smarter than economists.

The stock market closed modestly higher Friday, overcoming fears that the failure of the Senate to support an auto industry assistance plan would spark a huge sell off.

The only things missing from the latest UCLA Anderson School forecast were plague and famine. "The recession we had previously hoped to avoid is now with us in full gale force," said economist David Shulman. The report says the California economy will suffer through the first three quarters of 2009 with a "glimmer of a recovery" in the fourth quarter. The State's jobless rate is expected to rise to 8.7 percent and stay there for a while.

A miserable employment report sent stock prices lower Thursday.

In what has to be the clearest sign of how whacky things have gotten out there, consider the yield on the four-week Treasury bills that were auctioned yesterday: zero, nada, nothing. Nervous investors put $30 billion into the short-term bills, a sign that people are more concerned with the return of their money rather than the return on their money. An analyst at Morgan Stanley called the situation "absurd."

Pending home sales in October declined nationwide by 0.7 percent in October. Here in the West, pending sales were down 8.7 percent for the month but were still 17.4 percent higher than October 2007. The numbers should improve significantly in November and December when the impact of sharply lower mortgage rates combined with discounted prices in most areas result in a surge of buying activity.

Stock prices moved lower in the final hour of trading Tuesday as traders focused on corporate earnings and the problems facing the global economies.

One of the staunchest bears on Wall Street has turned bullish. Laszlo Birinyi told Bloomberg News that "it is time to get out of the bunker mentality." Not that he's expecting a runaway move to the upside, he simply believes "that the wind is at the back of the large caps," and he has been buying shares of some battered and bruised companies like GE and Dow Chemical.

Stock prices rallied for the ninth time in the past 11 sessions Monday as investors anticipated a major infrastructure program from the Obama administration and more details on an auto rescue plan.

In a word, the employment reports this morning were terrible. The Labor Department reported that U.S. payrolls fell by 533,000, the biggest decline since 1974. In fact, there have only been four times in the past 58 years when the number has topped 500,000. And, the unemployment rate rose to 6.7 percent, the highest level since October 1993. The news seemed to suck the oxygen out of Wall Street but, all things considered, the markets are hanging in there. Remember, the Dow has been up in seven of the last nine trading sessions.

It was 35 years ago that Del Mar resident Martin Cooper made what is considered the very first telephone call using a portable handset. It is unlikely he realized at the time that he was on the vanguard of a change in the way people communicate.

Stock prices made a sharp recovery Friday after dropping early in the session in response to a weak employment report.

It's still more than a month before the Obama administration takes charge but there already appears to be some squabbling between the candidate for the top Treasury job and the current head of the FDIC. Reports say that Tim Geithner, the president of the New York Fed bank and nominee to serve as Secretary of the Treasury, is upset with Shelia Bair, saying she is not a team player. Critical comments from her this morning regarding a plan being floated to cut fixed mortgage rates on new home purchases to 4.5 percent are likely not to sit well with Geithner. "Getting mortgage rates down definitely is positive but it doesn't help people that currently have unaffordable mortgages because it doesn't help them refinance," said Bair at a conference sponsored by the Consumer Federation of America. The proposal only offers the lower rate to people who buy new homes and not existing homeowners.

Disappointing November retail sales numbers and concerns about Friday's employment reports sent stock prices lower Thursday.

When in comes to malls and mortgages, Americans know a bargain when they see one. As has been reported, retail sales were up this past weekend as shoppers aggressively swooped up bargains during the official start of the Christmas shopping season. Now comes word that existing and new homeowners were vigorous in taking advantage of low mortgage interest rates in the past week. The Mortgage Brokers Association says applications for refinance loans jumped 203 percent last week and new loan applications rose by 38 percent. "Many borrowers missed an opportunity to take advantage when rates dropped sharply for a brief period when GSEs were placed under conservatorship," said Orawin Velz of the MBA. The group says the average rate on a 30-year fixed rate loan fell from 5.99 percent a week ago to the current rate of 5.47 percent.

Stock prices rose for the sixth time in the past seven sessions Wednesday, pushed higher by news of strong online retail sales and lower oil prices.

They circled the wagons again on Wall Street yesterday. There seemed to be a lot of shock and awe after the National Bureau of Economic Research officially announced the the U.S. economy slipped into a recession last December. In a way, that's good news. It means we have been slowing down for 12 months and the recovery may show up sooner than expected. The flight to safety saw money continue to move to Treasury securities. The rate on the three-month Treasury bill fell yesterday to 0.05 percent, practically nothing. But, at least investors know they will get their money back.

Stock prices rebounded Tuesday recovering about 40 percent of the previous sessions decline.

Much to the surprise of all the "experts," the holiday shopping season is off to a very good start. According to the National Retail Federation, 172 million shoppers hit the stores and malls over the past weekend, up from 143 million last year. And they were spending. Sales totaled $41 billion. That averages $372 per shopper, up 7 percent from last year. Why, oh why, are economists wrong so often? I doubt any of them would dignify their research activities by actually going to a mall to check out the traffic or notice how many people are actually carrying full shopping bags. Even the NRF is hedging its bets. "Holiday sales are not expected to continue at this brisk pace," said the group's president, Tracy Mullin. Once again, that logic flies in the face of what we've been told about this season. In particular, that most shoppers will bide their time waiting for good bargains to get great as we get closer to Christmas.

Stock prices fell sharply Monday, giving back more than half of the gains that had been registered in the five previous sessions.

Despite the worst stock market in decades, most investors who participate in employer-sponsored retirement accounts are staying the course. To be sure, they certainly don't appreciate the 40 percent decline that has hit many portfolios but they continue to focus on the long-term.

There is plenty of news out this morning that confirms an economic slowdown. Durable goods orders fell by 6.2 percent in October, the biggest monthly decline in two years. The "experts" had been looking for a drop of 2.5 percent. The culprit was an 11.1 percent decline in transportation orders. Also, consumer spending fell by 1 percent last month. Of course, the reason for the decline was the enormous drop in gasoline prices. What that means is that people will have more money in their pockets when they hit the stores on Friday and throughout the holiday shopping season.

Much to the disappointment of the doom-and-gloomers out there, the mood on Main Street has improved measurably this month. The Conference Board said its consumer confidence index rose in November as people relished the decline in gasoline prices. "Inflation expectations, which have been at historically high levels in recent months, subsided considerably as a result of falling gas prices," said researcher Lynn Franco. However, the Conference Board much prefers to dwell on the bad, saying, "consumers remain extremely pessimistic, and the possibility that economic growth will improve in the first half of 2009 remains highly unlikely." Hey, Lynn, do the math. If it used to cost $70 to fill your gas tank and it only costs $30 now, that means the average person out there has $40 in their pocket. That may not be a big deal to you but to most people that's a good thing and it will be the saving grace this holiday season. I always wonder why economists make their forecasts based on the worst case scenario.

Stock prices were relatively calm Tuesday as investors seemed generally pleased with the newest recovery plan from the Treasury Department to thaw the freeze on consumer lending.

Stock prices are trying do something they haven't done for a while: put together back-to-back winning sessions. The Dow industrials jumped 494.13 points to 8,046.42 on Friday after news reports said that Tim Geithner, the current governor of the New York Federal Bank, would be named as the Treasury Secretary in the Obama administration. Few people outside the Beltway know him but the buzz is positive. Today, investors seem enthused by the new round of government funding for Citigroup that includes $20 billion in capital and a guarantee on more than $300 billion in troubled assets. Also on tap today is an announcement from the President-elect about his financial team.

Stock prices extended their recent rally Monday as investors had a positive response to the latest government assistance program for Citigroup.

Two San Diego chief executive officers of publicly traded companies find themselves in very elusive company.

The Automobile Club of Southern California says San Diego will be the number one destination for motorists over the Thanksgiving holiday weekend. More than 3.2 million Southern Californians are expected to travel over the weekend and 82 percent of them will go by car to their travel destination. As busy as it will be, the travel numbers are down about 2 percent from last year. "There's no doubt that recent economic uncertainty is impacting Thanksgiving travel. But the good news for travelers is that it is the cheapest 2008 holiday for car travel, with gas prices about half of what they were over the Memorial Day and Fourth of July holidays," said Auto Club spokesman Jeffrey Spring.

Stock prices posted a late rally on Friday recovering a portion of the weeks losses.