The stock market fell 2% this past week.
What the past week really demonstrated is how easy it is for a panic in oil markets to spill over into the rest of the financial markets and the economy. Crude oil jumped 13.7% to $97.99 a barrel for the week, the biggest weekly gain since the week ending Feb. 27, 2009. The panic was all about Libya and the Middle East and what might happen if Libyan oil was entirely shut in.
The Dow ended the week down 2.1% to 12130. The S&P 500 dropped 1.7% to 1320, with the Nasdaq off 1.9% to 2781. The losses were the first in three weeks for the indexes and the largest since early November.
Yet, for all that, all three indexes remain up nearly 5% for the year, still a very good start.
Earnings reports: Costco, Joy Global, Heinz, Staples
While all 30 Dow companies and most of the S&P 500 companies have reported earnings, there are still some reports to watch. Here are some of the key reports due:
While all 30 Dow companies and most of the S&P 500 companies have reported earnings, there are still some reports to watch. Here are some of the key reports due:
Monday: EIX, GGP and RST.
Tuesday: BMO, DPZ, and MDR.
Wednesday: Costco Wholesale, BJ and PETM.
Thursday: BUD, KR and WEN.
The jobs report may be the week's big event
The price of oil may be the most closely watched economic indicator next week. It will also color how jobs and other economic data that come next week is interpreted.
The big report is obviously the Labor Department's on payroll employment and unemployment, due before financial markets open on Friday. The consensus estimate is for a gain of 179,000 and an unemployment rate of 9.1%.
The big report is obviously the Labor Department's on payroll employment and unemployment, due before financial markets open on Friday. The consensus estimate is for a gain of 179,000 and an unemployment rate of 9.1%.
Personal income, due Monday.
Pending homes sales, due Monday. .
Construction spending, due Tuesday.
Institute for Supply Management Manufacturing Index for February, due Tuesday.
Motor vehicle sales, due Tuesday.
Pending homes sales, due Monday. .
Construction spending, due Tuesday.
Institute for Supply Management Manufacturing Index for February, due Tuesday.
Motor vehicle sales, due Tuesday.
Institute for Supply Management's Non-Manufacturing Index, due Thursday.
Bernanke speaks before twice Congress. Federal Reserve Chairman Ben Bernanke will testify Tuesday and Wednesday, a requirement under the 1978 Full Employment Act -- better known as the Humphrey-Hawkins Act, which mandates the twice-yearly reports from the central bank. Bernanke will emphasize the slack in the economy and defend the Fed's monetary policy against charges that it's stoking inflationary fires.
The Fed's Beige Book report, due Wednesday.
Jobless claims, due Thursday.
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