Archive for May 16th, 2008

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The sky may be falling on the economy, but the art market is flying high.

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Stocks were mixed Friday, with the S&P 500 managing to eke out a multi-month high, despite record oil and gas prices and a weak consumer sentiment index.

Stocks staged a recovery by the close Friday, erasing most of the day's losses sparked by surging oil and gas prices and a weak consumer sentiment index.

The Treasury Department said Friday it sent out more than 15 million economic stimulus payments this week, totaling more than $13.5 billion, in an effort to boost the nation's spending power.

During times of market turmoil, it helps to get perspective from a truly savvy Wall Street veteran - someone like Chris Davis, lead manager of $11.3 billion Selected American Shares, a Money 70 fund.

Stocks staged a recovery by the close Friday, erasing most of the day's losses sparked by surging oil and gas prices and a weak consumer sentiment index.

There's no question about it, a new breed of speculator is pouring money into the oil market and helping drive prices to record levels. What's less certain is if this new money is essential to a healthy market.