Mystery News Monday

If you ever figure out today's economic news, fill me in.

Retail Results Boost Wall Street

By Michael J. Martinez The Associated Press

NEW YORK (AP) - Stocks were mixed Monday as investors digested a decent but uninspiring start to the holiday shopping season and a warning from Wal-Mart Stores Inc. that its weekend sales were lower than it expected.

While retail sales rose from last year's levels, especially sales of electronics, investors were concerned that consumer spending, which represents two-thirds of the overall U.S. economy, might not remain strong. Wal-Mart said it would reduce its sales targets due to its sluggish weekend.

"I think the electronics sales are really helping out the Nasdaq this morning, and the disappointment with Wal-Mart is weighing on retailers," said Peter Cardillo, chief strategist, senior vice president and market analyst with S.W. Bach & Co. "We're still trying to figure out whether these sales figures were good enough or not."

In late morning trading, the Dow Jones industrial average fell 16.99, or 0.2 percent, to 10,505.24. LINK

Bond Prices Fall

The Associated Press
Published: Nov 29, 2004

NEW YORK (AP) - Treasury bond prices were lower at midday Monday.

The price of the Treasury's 10-year note was down 19/32 point, or $5.94 per $1,000 in face value, while its yield rose to 4.32 percent from 4.24 percent late Friday. Prices and yields move in opposite directions.

The 30-year bonds were down 1 3/32 point and yielded 4.96 percent, up from 4.89 percent late Friday, according to Moneyline Telerate.

Two-year Treasury notes were down 1/16 point and yielded 3.07 percent, up from 3.03 percent late Friday. LINK

Dollar Worries Prompt Wall Street Selloff

By Michael J. Martinez The Associated Press
Published: Nov 29, 2004

NEW YORK (AP) - Fears of a falling U.S. dollar pushed stocks lower Monday as investor concerns about rising inflation outweighed their satisfaction with a decent start to the holiday shopping season.

The dollar worries overshadowed a good but uninspiring showing by the nation's retailers. While most retailers had improved sales over the holiday weekend, Wal-Mart Stores Inc. warned that its sales were lower than expected.

"What we're seeing here is investors realizing that the falling dollar could prompt inflation, and that could prompt a much stronger Federal Reserve response," said Peter Cardillo, chief strategist, senior vice president and market analyst with S.W. Bach & Co. "Wal-Mart's warning is still weighing on retailers, and the bond market's response to the dollar is helping as an excuse to take money off the table."

At midday, the Dow Jones industrial average fell 93.55, or 0.9 percent, to 10,428.68.

Broader indexes were narrowly mixed. The Standard & Poor's 500 index was down 8.60, or 0.7 percent, at 1,174.05, and the Nasdaq composite index lost 7.49, or 0.4 percent, to 2,094.48.

Even stabilizing crude oil futures failed to assuage investors' concerns. A barrel of light crude was quoted at $49.50, up 6 cents, on the New York Mercantile Exchange. LINK

And, of course, there's this...

Bush Chooses Kellogg CEO to Be Commerce Secretary

By Deb Riechmann Associated Press Writer
Published: Nov 29, 2004

WASHINGTON (AP) - President Bush on Monday chose Carlos Gutierrez, a native of Cuba who rose from truck driver to chief executive officer of Kellogg Co., to be secretary of Commerce.

If confirmed by the Senate, Gutierrez would succeed Commerce Secretary Donald Evans, a Texas confidant of Bush's, who announced his resignation shortly after the Nov. 2 election. The president called the 51-year-old Gutierrez, 51, a "great American success story" and a visionary executive, who understands the world of business from the "first rung on the ladder to the very top."

"Carlos's family came to America from Cuba when he was a boy," Bush said in the Roosevelt Room. "He learned English from a bellhop in a Miami hotel and later became an American citizen. When his family eventually settled in Mexico City, Carlos took his first job for Kellogg as a truck driver, delivering Frosted Flakes to local stores." LINK

Hm.

I guess there weren't any Nobel Prize winners (who started out as cereal delivery guys) available.