The Dow had it’s record highest point gain today up almost 940. Although it was up a bit today, Oil prices have been retreating and have been steadily below $90/bbl for several days. And have you noticed the price of gasoline has also been declining?
Of course, we all know it’s not over yet, but it’s good to see some positive signs. Unfortunately, the price of diesel fuel has not come down with trhe price of gasoline, apparently due to supply issues worldwide. And this will keep the price of consumer goods general higher. Seems like this ought to be a priority, and not just now but for the long-haul, that is to ensure that the availability of fuels needed to transport goods (diesel being a major one) is high enough to keep that price down, and subsequently help keep consumer prices lower than necessary.
But people are just starting to see the improvements… my sister-in-law just noticed how far the price of gas had fallen when we filled up today.
I’m hoping we’ve seen the bottom. Obviously, the action of the weekend has helped spur the market, but it can easily be deflated if real progress, that is, results in the form of forward motion in the economy, doesn’t start soon.
I don’t know yet if the plans of the weekend and today are going to really solve these issues. I’m uneasy about the government taking equity stakes in banks. We’ll have to watch carefully. I feel like I’m in a shell game. And the rules change every time something moves.