Earlier on in this report, we mentioned how strong this second quarter has been for the major indexes. It was in fact the shortest timeframe for a market recovery of that size since the 1930s. This strength came on the heels of very pronounced weakness that had taken the major indexes to 12-year lows in early March (at the height of investor despair regarding the recession). The strong rally off the March lows has allowed the S&P 500 and the NASDAQ Composite to finish in the black for the first half of 2009. The question on everyone's mind now is whether this rally can continue, given that economic fundamentals remain wobbly.

Investors were reminded of these shaky economic underpinnings today, as new data showed sagging consumer confidence. According to the Conference Board, the Consumer Confidence Index is now at 49.3, off its revised May level of 54.8. According to a statement by the Conference Board, 'economic conditions, while not as weak as earlier this year, are nonetheless weak.' Consumer confidence readings are presently well off levels that are considered healthy: Typically, readings above 90 indicate an economy on a solid footing; readings above a hundred are indicative of strong growth.

In other economic news, the Treasury Department reported that foreclosures were higher in the first quarter than they had been in the last quarter of 2008.

Key economic data for the week starting June 22nd, 2009. Numbers shown are consensus estimates (market anticipates this value) and prior value.

Wednesday:
	NEW VEHICLE SALES (Jun): 9.8M / 9.9M 8:15 AM ADP EMPLOYMENT CHANGE (Jun): -372K / -532K 10:00 AM ISM - MANUFACTURING (Jun): 44.0 / 42.8 CONSTRUCTION SPENDING M/M (May): -0.5% / 0.8% PENDING HOME SALES M/M (May): 1.1% / 6.7%

Thursday:
	8:30 AM NON-FARM PAYROLLS (Jun): -375K / -345K UNEMPLOYMENT RATE (Jun): 9.6% / 9.4% MANUFACTURING PAYROLLS (Jun): -150K/ -156K AVERAGE HOURLY EARNINGS M/M (Jun): 0.1% / 0.1% CONTINUING CLAIMS Jun-20: n.a. / 6738K INITIAL CLAIMS Jun-27 (H): 610K / 627K 10:00 AM FACTORY ORDERS M/M (May): 0.4% / 0.7%

Friday:
	Markets Closed

© HGH Associated Press

News Archive (from 4/1/2009 until 6/30/2009)