Consumer surveys show serious concern over mounting U.S. job losses, and negative views of the Obama administration's strategy for economic recovery. U.S. home foreclosure activity rose to a record high in the first half of the year, still the market closed up for the week.
Bank of America Corp and Citigroup Inc raised huge red flags on Friday with quarterly results that suggested the U.S. consumer remains sorely injured as the global recession drags on. Both Bank of America, the largest U.S. bank, and Citigroup, No. 3, reported big increases in delinquencies among credit card customers and warned that things will get worse. The results also indicated it will take time to scrub the worst effects of soured loans to mortgage and business customers off the banks’ balance sheets. “All in all, our quarter comes down to mortgage and credit card losses,” said Citigroup Chief Executive Vikram Pandit. “Cards and mortgages are what we need to work through. “That signals more trouble for an industry whose failures large and small helped drive the economy into recession (actually depression) 19 months ago, a downturn that shows little evidence of coming to an end. Consumer surveys show serious concern over mounting U.S. job losses, and negative views of the Obama administration’s strategy for economic recovery. U.S. home foreclosure activity rose to a record high in the first half of the year. That‚Äôs enough wonderful news for you on this Friday.
The markets ended the week up almost 7% The stats for Friday are‚Ä¶‚Ä¶‚Ä¶The Dow Jones industrial average .DJI gained 32 points, or 0.37 percent, to 8,744.00. The Standard & Poor’s 500 Index .SPX rose 0.02 points, or 0.08 percent, to 941.4 The Nasdaq Composite Index .IXIC was up 1.55 points, or 0.08 percent, to 1,886.61. For the record market liquidity and internal selling numbers do not support any of this week‚Äôs gains. There‚Äôs something very wrong going on. Be careful, very careful.