President Bush signed The Housing and Economic Recovery Act of 2008 this morning, despite a plea from the CEO of Nehemiah, Scott Syphax, asking the President to save the seller funded DAP program. Seller funded DAPs will be eliminated under the new law.
Without any significant or substantially reliable economic news this week, financial markets have been wildly volatile. The Dow lost 240 points on Monday, then rose 260 points yesterday. This morning the ADP Employment Report was released and showed an increase of 9,000 private sector jobs from June to July, which was a big surprise when compared to expectations that ADP would report a loss of 60,000 jobs. Stock futures pointed to a lower open prior to the ADP report, but reversed course in a huge way upon the report's release and The Dow opened up by more than 150 points this morning.
Two reports are scheduled for tomorrow. The quarterly Gross Domestic Product, which is a key indicator and measure of the countries growth, and the Q2 Employment Cost Index, which measures the cost of wages and benefits (wage inflation).
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