Financial Markets
The Dow Jones experienced choppy trading throughout the week, but ended slightly higher than last Friday, up at 12,169. Investors wrestled with the upbeat unemployment report and political turbulence in the middle-east, which is directly translating into higher oil prices. 192,000 jobs were added in the month of February, and the national unemployment rate dropped to 8.9%, which is always a great signal for future earnings for companies. Surging oil prices could create stiff headwinds for economic growth and put a damper on earnings, which is why stocks gains were muted this week.
The bond market, against all odds actually improved slightly on Friday. The gains merely recovered losses from earlier in the week, when the ADP payroll report exceeded expectations. (ADP payroll report is always used as a barometer for the real unemployment report that comes out later in the week...kind of like the Golden Globes to the Oscars).
Local Economy and Real Estate Market
Lon DeWeese, CFO of Nevada Housing Division, announced the roll out of the initial phase of the Mortgage Assistance Program this past week. $100,000,000 has been delegated to the state of Nevada to help with home ownership retention. The 1st link is an article in the RJ about the release. The 2nd link is the site you can visit to see if you are eligible for home ownership relief funds.
Zoning for an amusement park located near the Mandalay Bay has been approved by Clark County Commission. Not exactly Disney Land but better than nothin’!
