New housing starts fell to a 17 year low.
Federal Reserve chief Ben Bernanke calmed the market by saying that he sees moderate inflation at the Annual Economic Symposium in Jackson Hole Wyoming.
When Warren Buffet talks everyone listens. On his always interesting CNBC interview with Becky Quick Mr. Buffett said he thinks Fannie Mae and Freddie Mac may be wiped out when the government restructures them and they both continued their downward slide.
All three major averages the Dow Jones Industrial Average the S&P 500 and the Nasdaq were down slightly for the week with the Nasdaq being down the most at 1.54%.
The oil and gas sector was up the most with an almost 5% increase in value followed by materials and then utilities while financials were down the most at -2.85% followed by consumer services. The financial index XLF still remained above its’ recent short term support level however.