Money Watch Weekly Wrap

Commodity prices dominated financial markets last week and prices took center stage after the release of the Consumer Price Index. The CPI rose for the fifth straight month and prices were 3.2% higher than a year ago in April, led by a 33% surge in gasoline prices. But with oil falling 10% in the past week and food prices dropping, CPI could dip in the coming months.

DJIA: 12,595, down 0.3% on week, up 8.8% YTD
S&P 500: 1337, down 0.2% on week, up 6.3% YTD
NASDAQ: 2828, up 0.03% on week, up 6.6% YTD
June Crude Oil: $99.65, up 2.5% on week
June Gold: $1493.60, up .15% on week

AAA National Average Price for Gallon of Regular Gas: $3.97 (Record was $4.11 in July, 2008)
Total bank failures for 2011 = 40 (0 new bank failures over weekend)

FACTOIDS OF THE WEEK: Prices/CPI Breakdown

Housing = 42% CPI
Transportation = 16.7% CPI
Food & Beverage =14.8% CPI
Energy costs are subcategories in Housing and Transportation

While you're freaking out about gas prices, you may be interested in knowing that prices for a lot of other items have gone DOWN. So even if you are paying an extra $1,000 for gas, you may have made up for that with some of these items over the past year.

TVs: -16.2%
Software: =9.2%
Computers: -7.9%
Toys: -5.4%
Sports Equipment: -3.9%

IN THE WEEK AHEAD: Get ready for chatter on the Debt Ceiling. Odds are that that the US government will hit the debt limit, but don't worry-Treasury Secretary Tim Geithner can work a little magic and avoid default. Earnings this week will focus mostly on retailers. Data will likely confirm that the nation's housing market continues to struggle under the weight of excess supply.

Mon 5/16:
Lowes, JC Penny
8:30 Empire State Manufacturing

10:00 Housing Market Index

Tues 5/17:
Dell, Home Depot, Wal-Mart, TJX
8:30 Housing Starts

9:15 Industrial Production

Weds 5/18:
Hewlett-Packard
2:00 FOMC Minutes

Thurs 5/19:
Sears, Gap
8:30 Weekly Claims

10:00 Existing Home Sales

Fri 5/20:

Jill Schlesinger

View all articles by Jill Schlesinger on CBS MoneyWatch »
Jill Schlesinger, CFP®, is the Emmy-nominated, Business Analyst for CBS News. She covers the economy, markets, investing and anything else with a dollar sign on TV, radio (including her nationally syndicated radio show), the web and her blog, "Jill on Money." Prior to her second career at CBS, Jill spent 14 years as the co-owner and Chief Investment Officer for an independent investment advisory firm. She began her career as a self-employed options trader on the Commodities Exchange of New York, following her graduation from Brown University.

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