This is The Wall Street Digest Hotline Update for Friday, February 16, 2007, at 6:00 p.m. EST.
Traders headed home early today. Weak volume in front of a three-day holiday weekend didn't help stock prices today. At the close, the Dow added 2 points, closing at 12,767, while the Nasdaq lost about a point, closing at 2,496. Oil closed up $1.40 at $59.39 per barrel, and gold closed up $0.14 at $672.80 an ounce.
The Producer Price Index matched inflation forecasts. The focus now turns to next week's Consumer Price Index.
Housing starts plunged 14.3 percent to a 10-year low last month. However, housing analysts say the numbers are insignificant because of the weather.
You should continue to stay fully invested. Global liquidity is producing the biggest bubble ever in a global stock price melt-up. Fifty percent of your investment portfolio should be in our global/international recommendations. The stock market is still undervalued by 28 percent. Stay close to our telephone/e-mail/website Hotline Updates.
The stock market and the offices of The Wall Street Digest will be closed on Monday, February 19th in observance of Presidents' Day. The next Hotline Update will be on Tuesday, February 20, 2007, at 6:00 p.m. EST.