Bank Closures Update 7/24/2009

FDIC closed 6 banks in Georgia and 1 in New York today. That brings the July tally to 19.

16 Georgia banks have failed this year, more than in any other state. The 64 bank failures nationwide this year compare with 25 last year and three in 2007.

Dow Jones Industrial Average managed to stay above the psychologically significant 9,000, ended the week at 9,093. It went up 3.99% this week. S&P 500 ended at 979, up 4.13% for the week. Nasdaq ended at 1,965, up 4.21% for the week. Small Cap Russell 2000 outperformed the major indices, up 5.63% for the week.

Financials ended the week flat. Commodities did very well, with the Commodity Related Equity Index (CRX) up 6.02% for the week.

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