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As Wall Street sets records

By The Times Staff
Published July 14, 2007

As Wall Street sets records ...

Stocks moved into record territory Thursday and Friday, with the Dow Jones Industrial Average passing 13,900 for the first time, closing at 13,907.25. The Standard & Poor's 500 Index finished at a record 1,552.50. Nasdaq indexes also rose, but are still far from their 2000 highs.

Retail sales take sharp plunge

Retail sales fell 0.9 percent last month, with motor vehicles, building materials and furniture showing the sharpest declines, the Commerce Department said Friday. Higher gas prices and housing woes got the blame for the steepest sales drop in nearly two years.

Dollar losing value in world currencies

The dollar hit an all-time low against the euro in trading Friday, breaking the mark of $1.38 per euro for the first time. Earlier in the week it hit a record low against the Canadian dollar. It's also at a 26-year low against the British pound. Concerns about the U.S. economy are behind the dollar's weakness.

Housing market is in recession

Housing starts and home sales have declined dramatically and higher mortgage rates and large inventories of unsold homes are an impediment to recovery. The National Association of Realtors trimmed its 2007 forecast Wednesday, expecting sales and building numbers to continue their decline.

[Last modified July 14, 2007, 01:09:09]