The week began on a negative note with inflation figures at multi- decade highs. Factory orders were strong and crude oil retraced. When the dust cleared, the major indexes were all down. The Market surged on Tuesday with a solid ISM report and oil faltering. However, the big news was the FOMC decision to hold rates. Midweek, the crude oil inventories confirmed further demand destruction with an increase, helping equities to finish higher. AIG and elevated Jobs Claims sent the market reeling on Thursday. The week ended with a plus 300 point day in the Dow despite a weak showing in the Productivity numbers and a 2^nd quarter loss by FNM. Oil hit $115.20 a barrel and contributed to the stout performance by the market.

The market had a stellar week even though at times the feeling was it didn’t know which way it wanted to go. The Dow Opened Monday morning at 11326 and closed Friday at 11734 for a 3.6% gain for the week. The SPX started at 1260 and ended at 1296 registering nearly a 3% move. Finally the NDX posted a whopping 5.6% gain for the week moving 103 points. As of Friday August 8^th, 449 companies in the S and P 500 had reported. 66% had bested estimates, 10% were in line and 24% had missed. ( Data source Thomson Reuters ) After the bell Friday, Berkshire Hathaway announced that profits for the 2^nd quarter were down 8% primarily due to Berkshire’s insurance holdings.

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