Market Watch: A Fresh Start?

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U.S. stocks fluctuated considerably Monday, as investors weighed data, oil prices and other factors. By the end of the day, major indexes rebounded thanks to a 3.5% rise in oil prices.

Both indexes suffered major losses last week to end the abysmal month of January. This is the second straight year that stock indexes have seen declines in the year’s first month.

Standing in the way of a bounce back is the unveiling of President Obama’s nearly-$4 trillion budget, one that is expected to set up some serious battles with Republicans. Obama’s budget will attempt to aid the country’s middle class by imposing higher taxes on wealthier Americans and corporations.

The budget proposes new taxes on international earnings, and also hopes to achieve nearly $2 trillion in deficit reduction over the next 10 years. It will be interesting to see how these new rules for businesses are reflected by the markets.

Manufacturing numbers were down Monday, leading to losses after morning gains. But later in the day, investors were encouraged by continued stabilization in oil prices, which closed at their highest level in one month.

Here are the numbers from Monday on Wall Street:

Dow Jones Industrial Average: 17,360.85 (+195.90)

NASDAQ: 4,676.69 (+41.45)

S&P 500: 2,020.86 (+25.87)

Phil Cannella

Phil Cannella

As a partner with CBS Radio in Philadelphia, Phil Cannella reports on the issues most important to the American retiree.
Phil Cannella

@phillipcannella

Phil Cannella a revolutionary thinker. Phil Cannella's cause is the Phil Cannella Crash Proof Retirement system. Phil Cannella has worked for decades.
Get the truth on how Wall Sts stacked against you, on The @CrashProofShow Sat at 10 AM on @1290wjno in FL, and 11 AM on @TalkRadio1210 in PA - 1 year ago
Phil Cannella
Phil Cannella

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