Financials and tech led major averages higher on Tuesday, and as a result the Dow was the worst performer considering the composit of the 30 stocks. The blue chips rose 2.95, or less than 0.1 percent, to 10,567.33, while the S&P 500 index gained 5.16, or 0.5 percent, to 1,145.61. The tech heavy Nasdaq climbed 18.27, or 0.8 percent, to 2,358.95.

Morning Outlook

Futures are heading slightly lower in the premarket Thursday as the street awaits trade and jobless claims data. With the reports due to roll out in about half an hour, Dow Jones industrial average futures fell 18 points, or 0.2 percent, to 10,547. Standard & Poor’s 500 index futures declined 3.40, or 0.3 percent, to 1,142.30, while Nasdaq 100 index futures lost 1.25, or 0.1 percent, to 1,917.50.

We would love to see a really good number on the claims front, something to shock the market and give a sense that jobs are being created. The trade figures could move the dollar, but at the same time spot the jobless claims are the bigger deal .

Currencies and Commodities

The dollar rose 0.1489% at 90.65 yen in the currency market. The euro appreciated 0.015% to $1.366 while the pound gained 0.4473% to $1.5044. Gold fell $1.60 to $1106.50 an ounce, while silver lost 26 basis points at $16.97. Light, sweet crude for April delivery was hovering around flat at $82 per barrel.

Economic Calendar

8:30 AM
International Trade: Measures the difference between imports and exports of both tangible goods and services. Imports may act as a drag on domestic growth and they may also increase competitive pressures on domestic producers. Exports boost domestic production. We have had huge trade deficits in recent years, with foreign countries able to produce goods cheaper. The trade gap is expected to widen to $41 billion in January to after rising nearly $ 4 billion to $40.2 billion in December on increased petroleum imports. Exports have risen for 8 consecutive months.

8:30 AM
Jobless Claims: New unemployment claims for the week of March 6th , to show the number of individuals who filed for unemployment insurance for the first time. The fewer people filing for unemployment benefits, the more have jobs, the more income in the consumer’s pocket, as well as a forecast on the strength of the economy. The consensus is for an increase of 460,000 for first time jobless claims, down from last week’s reading of 469,000. Following last weeks 29,000 decline, the four week average fell 3,500 to 470,750.

Brought to you by my freshly brewed Dunkin Donuts Coffee, extra skim milk and one splenda

Wall Street looked to right the ship, at least momentarily on Tuesday as the major averages all saw hefty advances. It was a brief stint for the blue chips below 10K as the Dow Jones Industrial average saw its largest advance in 3 months, gaining 150.25, or 1.5 percent, to 10,058.64. The broader Standard & Poor’s 500 index rose 13.78, or 1.3 percent, to 1,070.52, while the Nasdaq composite index climbed 24.82, or 1.2 percent, to 2,150.87.

Morning Outlook

It is another snowy day in the nation’s capitol, delaying the release of scheduled economic data. The government isn’t open for business, but Wall Street is and the chat room is where the profits are at. Following yesterday’s triple digit advance, stocks look to open to the upside once again. Dow Jones industrial average futures are up 36 points, or 0.4 percent, to 10,040. Standard & Poor’s 500 index futures rose 4.30, or 0.4 percent, to 1,070.50, while Nasdaq 100 index futures gained 5.50, or 0.3 percent, to 1,757.50.

It looks as if the healthiest and strongest of the 16 euro nations will be forced to supplement, and ultimately reward the incompetence of the weaker members, i.e Greece. Just to give an example of what kind of country we are dealing with, the current retirement age to receive what amounts to social security is 61!

Currencies and Commodities

The dollar fell 0.0106% at 89.685 yen in the currency market. After a strong advance yesterday, T\the euro depreciated 0.2106% to $1.3768 while the pound lost 0.5959% to $1.5626. Gold gained $4.20 to $1081.40 an ounce, while silver climbed 1.13% at $15.61. Light, sweet crude for March delivery edged up 42 cents to $74.17 per barrel on the NYMEX; a 0.52% advance.

Economic Calendar

8:30 AM
International Trade: Measures the difference between imports and exports of both tangible goods and services. Imports may act as a drag on domestic growth and they may also increase competitive pressures on domestic producers. Exports boost domestic production, and was a focus for the President in the State of the Union. We have had huge trade deficits in recent years, with foreign countries able to produce goods cheaper. The trade gap is expected to contract to $35.7 billion in December after the U.S. international trade gap in November widened to $36.4 billion.

U.S. stocks ended mostly higher, helped by strong Chinese economic data and confidence ahead of earnings season. The Dow Jones industrial average rose 45.80, or 0.43 percent, to 10,663.99. The Standard & Poor’s 500 index advanced 2 or 0.17 percent, to 1,146.98, while the Nasdaq composite was the lone laggard, declining 4.76, or 0.21 percent, to 2,312.41. The blue chips and benchmark S&P hit new 15 month highs.

Morning Outlook

Wall Street looks to open lower Tuesday over concerns over the quality of quarterly earnings. AA kicked things off yesterday and didn’t impress, while Electronic Arts Inc (ERTS) warned on fiscal 2010 earnings, blaming weakness in Europe as well as a shift toward lower-margin products in Europe. Dow Jones industrial average futures fell 68, or 0.6 percent, to 10,536. Standard & Poor’s 500 index futures declined 8.20, or 0.7 percent, to 1,134.30, while Nasdaq 100 index futures lost 14.00, or 0.7 percent, to 1,869.50.

China, after seeing explosive growth in exports, pumped up their lending rate from 1.76 percent to 1.84 percent while increase reserve requirements by 0.5 percent. Things are just on fire in the far east, and many fear that the entire country is an asset bubble waiting to burst, or even go as far as saying the Chinese government is cooking the books on growth.

On the Corporate Front

Alcoa Inc (AA), the largest U.S. aluminum producer, saw shares fall following their earnings statement. Sales fell 4.5 percent to $5.43 billion despite an 18 percent increase in the price of aluminum. In the 4th quarter, AA posted a once cent profit per share, below analyst estimates of six cents.

Currencies and Commodities

The greenback was mixed in trading while most commodities fell. The dollar fell 0.7037% at 91.44 yen in the currency market. The euro depreciated 0.1106% to $1.4497 while the pound rose 0.2364% to $1.6153. Gold shed $3.10 to $1148.30 an ounce, while silver declined 1.23% at $18.45. Light, sweet crude for February delivery dropped back under $82 per barrel on the NYMEX following its sharp advance to 15 month highs. The contract is losing $1.14 to $81.38 per barrel on the NYMEX; a 1.38% decline.

Economic Calendar

8:30 AM
International Trade: Measures the difference between imports and exports of both tangible goods and services. Imports may act as a drag on domestic growth and they may also increase competitive pressures on domestic producers. Exports boost domestic production. We have had huge trade deficits in recent years, with foreign countries able to produce goods cheaper. The trade gap is expected to widen to $35 billion in November as the weak dollar has been boosting the U.S. economy with exports rising for six consecutive months.. The trade gap narrowed to $32.9 billion in October.

Market Summary

Wall Street edged up for the 2nd straight session as good economic data stemming from jobless claims and international trade lifted optimism that the world’s largest economy is on a steady path to recovery. The Dow Jones industrial average gained 68.78 points, or 0.67 percent, to 10,405.83. The Standard & Poor’s 500 Index rose 6.37 points, or 0.58 percent, to 1,102.32, while the Nasdaq Composite Index advanced7.13 points, or 0.33 percent, to 2,190.86. The market came off of its highs of the session during the afternoon following a disappointing treasury action, where the yield on the 30 year rose to 3.487% from 3.423%. The economy isn’t ready to deal with higher borrowing costs which will be coming down the line.

Oil closed lower for the 7th straight day, a period in which the commodity has lost 10% of its value. Light, sweet crude oil for January delivery on the NYMEX settled down 13 cents, or 0.2%, at $70.54 a barrel; briefly trading under $70 per barrel. It is off 13.3% from its 2009 high. Gold rose $5.30 an ounce to $1,126.30 as the dollar moved lower.

Jobless Claims Rise After the Thanksgiving Holiday

After 5 consecutive weeks of declines, initial claims for state unemployment insurance rose 17,000 to 474,000 last week. The four week average declined for the 14th straight week, bringing the measure to its lowest level since last September; dropping to 473,750 last week from 481,500 the prior week.

The number of workers still collecting benefits after an initial week of aid dropped 303,000 to 5.16 million in the week ended November 28, the lowest level since February. The drop in continuing claims is mainly due to people exhausting their benefits and moving to emergency unemployment programs.

Trade Gaining Steam

U.S. exports hit their highest level since November of 2008 as a weak dollar boosted demand for goods and services. As a result, the U.S. trade deficit shrank 7.6 percent to $32.9 billion in October, below analyst estimated of around $36.8 billion. Global demand is picking up, seems like we will be lagging in this recovery.

Despite the continued drop in commodity prices, alll three major averages found themselves higher Wedneday in a choppy session. The Dow Jones industrial average rose 51.08, or 0.5 percent, to 10,337.05 after falling 104 on Tuesday. The S&P 500 index advanced 4.01, or 0.4 percent, to 1,095.95, while the Nasdaq composite index gained 10.74, or 0.5 percent, to 2,183.73.

Morning Outlook

Wall Street looks for a higher trading session as athe dollar heads lower in the premarket. Dow Jones industrial average futures rose 30, or 0.3 percent, to 10,360. Standard & Poor’s 500 index futures gained 4.20, or 0.4 percent, to 1,099.80, while Nasdaq 100 index futures rose 3.75, or 0.2 percent, to 1,796.25.

The market will be hit with soome economic data before the bell, and hopes to see a continued decline in weekly jobless claims off the heel of Friday’s jobs number. With the dollar sagging, commodities are heading high. The blue chips find themselves 130 points off of their 2009 intra day high.

Currencies and Commodities

The dollar rose 0.4208% at 88.24 yen in the currency market. The euro appreciated 0.0278% to $1.473 while the pound increased 0.2054% to $1.6294. Gold looks to rise after 4 consecutive losses, up $4.30 to $1125.20 an ounce, while silver edged up 1.28% at $17.40. Light, sweet crude for January delivery rose 39 cents to $71.06 per barrel on the NYMEX; a 0.55% advance.

Economic Calendar

8:30 AM
International Trade: Measures the difference between imports and exports of both tangible goods and services. Imports may act as a drag on domestic growth and they may also increase competitive pressures on domestic producers. Exports boost domestic production. We have had huge trade deficits in recent years, with foreign countries able to produce goods cheaper. The trade gap is expected to drop to $35.4 billion in October on reduced demand for imports as well as U.S. products abroad. The trade gap expanded to $36.5 billion in September as the dollar dropped.

8:30 AM
Jobless Claims: New unemployment claims for the week of December 5th , to show the number of individuals who filed for unemployment insurance for the first time. The fewer people filing for unemployment benefits, the more have jobs, the more income in the consumer’s pocket, as well as a forecast on the strength of the economy. The consensus is for an increase of 460,000 for first time jobless claims, up from last week’s reading of 457,000; while continuing claims fell to 5.465 million. The four week moving average fell 16,500 to 496,500.

And you don’t have a good start to your Friday.

Wall Street kept up its strong performance this week, with the Dow Jones industrial average gaining 61.29 points, or 0.63 %, to end at 9,786.87. The Standard & Poor’s 500 Index gained 7.90 points, or 0.75 %, to 1,065.48. The Nasdaq Composite Index advanced 13.60 points, or 0.64 %, at 2,123.93.

The Dow had its third gain in four sessions. The S&P 500 and the Nasdaq were higher for the fourth day in a row.

Morning Outlook

Markets rose sharply overnight in Asia, as the dollar strengthened helping the regions heavily reliant export industry. China’s Shanghai Composite climbed 132.29 points, or 4.8 %, to 2,911.72. Japan’s Nikkei index added 183.92 points, or 1.9 %, to 10,016.39 while Hong Kong’s Hang Seng rose 6.54 points, or less than 0.1 %, at 21,499.44.

In Europe, markets were fairly flat during mid morning trading, following the similar pattern of U.S. stock futures on Friday. The FTSE 100 index of leading British shares was up 1.66 points, or less than 0.1 %, at 5,156.3 while Germany’s DAX fell 6.98, or 0.1 %, at 5,709.56. The CAC-40 in France was 1.5 points, or less than 0.1 %, lower at 3,805.31.

Wall Street looks pretty quiet on the last trading day of the week. All 3 major averages see red before the bell; with little economic data to jolt traders. Dow Jones industrial average futures fell 9, or 0.1 %, to 9,738. Standard & Poor’s 500 index futures lost 1.50, or 0.1 %, to 1,062.30, while Nasdaq 100 index futures fell 6.75, or 0.4 %, to 1,709.75.

Currencies and Commodities

The dollar rose 0.394% at 88.741 yen in the currency market. The euro depreciated 0.1828% to $ 1.4767 while the pound lost 0.4884% to $1.5994. After another record close, gold retreated $7.20 to $1049.10 an ounce, while silver fell 1.12% at $17.62. Light, sweet crude for November delivery shed 45 cents to $71.24 per barrel on the NYMEX; a 0.63% decline.

Economic Calendar

8:30 AM
International Trade: Measures the difference between imports and exports of both tangible goods and services. Imports may act as a drag on domestic growth and they may also increase competitive pressures on domestic producers. Exports boost domestic production. We have had huge trade deficits in recent years, with foreign countries able to produce goods cheaper. The trade gap is expected to contract to $33 billion in August on reduced demand for imports as well as U.S. products abroad. The overall U.S. trade gap worsened to $32.0 billion.

Wall Street rose Wednesday in a back and forth session. Stocks turned positive shortly after the open, however returned gains following the release of the fed’s beige book during mid afternoon action. Stocks rebounded into the close, with the Dow Jones Industrials rising 49.88, or 0.5 %, to 9,547.22. The blue chips have gained 267 points, or 2.9 % over the past four sessions. The broader Standard & Poor’s 500 index gained 7.98, or 0.8 %, to 1,033.37, while the Nasdaq composite rose 22.62, or 1.1 %, to 2,060.39.

Morning Outlook

Stocks in Asia rose overnight following recovery hopes in the fed’s release of the beige book yesterday. Japan’s Nikkei 225 index rose 201.53 points, or 2 %, to 10,513.67 despite a drop in core machinery orders. Hong Kong’s Hang Seng added 218.52, or 1.1 %, to 21,069.56, while Korea’s Kospi was up 2.3 % at 1,644.68

After being solidly green during morning trading, European markets turned downward after U.S. futures turned negative. Germany’s DAX lost 8.36 points, or 0.15% to 5,565.90 and Britain’s FTSE 100 declined 0.83%, 41.74 points to 4,962.56. France’s CAC-40 was down 0.53 % at 3,688.16. The Bank of England is holding its key interest rate steady at 0.5 %; marking the sixth consecutive month it has kept rates at an all-time low. The BOE will also keep their asset purchase plan at $290 billion.

Like Europe, Wall Street futures reversed directions, and we are now looking at a lower open on Thursday. Dow Jones industrial average futures fell 21, or 0.2 %, to 9,517. Standard & Poor’s 500 index futures fell 3.00, or 0.3 %, to 1,029.50, while Nasdaq 100 index futures fell 3.25, or 0.2 %, to 1,662.75.

Economic Calendar

8:30 AM
International Trade: Measures the difference between imports and exports of both tangible goods and services. Imports may act as a drag on domestic growth and they may also increase competitive pressures on domestic producers. Exports boost domestic production. We have had huge trade deficits in recent years, with foreign countries able to produce goods cheaper. The U.S. is expected to have run a trade deficit of $28 billion in July; up from $37billion the previous month on renewed demand for petroleum.

8:30 AM
Jobless Claims: New unemployment claims for the week of September 5th , to show the number of individuals who filed for unemployment insurance for the first time. The fewer people filing for unemployment benefits, the more have jobs, the more income in the consumer’s pocket, as well as a forecast on the strength of the economy. The consensus is for an increase of 565,000 for first time jobless claims, down from last week’s reading of 570,000; with the four-week average standing at 571,250. Continuing claims rose 92,000 to 6.234 million.

Wall Street saw its largest losses in well over a month Tuesday, with all 3 major averages declining over 1% in the session. At the closing bell, the Dow Jones industrial average fell 96.50, or 1 %, to 9,241.45. The broader S&P 500 index fell 12.75, or 1.3 %, to 994.35, while the Nasdaq composite index fell 22.51, or 1.1 %, to 1,969.73. Volatility shot up to its highest level in a month, rising 4.1% as measured by the VIX on the CBOE.

Morning Outlook

Overnight in Asia, traders reacted sharply to the pullback on Wall Street. Tokyo’s Nikkei 225 stock average retreated from a 10-month high, losing 150.46 points, or 1.4 %, to close at 10,435.00. Hong Kong’s Hang Seng Index fell 638.97, or 3 %, to 20,435.24, while the Shanghai composite index tumbled 4.7 % to 3,112.72.

Despite losses in the U.S. and Asia, stocks in Europe rose modestly Wednesday. The FTSE 100 index of leading British shares was up 21.38 points, or 0.5 %, at 4,692.72 even though the country’s unemployment rate stands at 7.8%, the highest level in 14 years. Germany’s DAX rose 24.46 points, or 0.5 %, at 5,310.27, while the CAC-40 in France was 8.73 points, or 0.3 %, higher at 3,464.91.

On Wall Street, the major averages look to bounce back following their largest losses in over a month. Futures are pointing in the right direction, but expect trading to be quiet before the Fed statement. Dow Jones industrial average futures rose 17, or 0.2 %, to 9,233. Standard & Poor’s 500 index futures gained 1.30, or 0.1 %, to 994.20, while Nasdaq 100 index futures advanced 3.75, or 0.2 %, to 1,600.25.

Economic Calendar

8:30 AM
International Trade: Measures the difference between imports and exports of both tangible goods and services. Imports may act as a drag on domestic growth and they may also increase competitive pressures on domestic producers. Exports boost domestic production. We have had huge trade deficits in recent years, with foreign countries able to produce goods cheaper. The trade gap is expected to contract to $28.5 billion in June on reduced demand for imports as well as U.S. products abroad. The trade gap narrowed to $26 billion in May, its lowest reading since November 1999.

10:30 AM
EIA Petroleum Status Report: The Energy Information Administration (EIA) provides weekly information on petroleum inventories in the U.S. Oil prices have rebounded to their 2009 highs as corporate earnings and economic data have rejuvenated recovery hopes.

2:15 PM
The FOMC will announce their decision on interest rates and other open market operations. Target rates are expected to stay the same, however markets will be focusing on language in the text indicating any specifics about their view on economic strength as well as the potential end of certain emergency loan programs. The fate of quantitative easing could also come into play as the economy shrunk at a narrow 1% annual rate in the 2nd quarter.

Another up and down day on Wall Street saw all three major averages finish green, with the blue chips crossing the break even live 108 times during the session. Stocks rose modestly in the premarket following better than expected weekly jobless claims, which fell by 52,000.

The Dow Jones industrial average rose 4.76, or 0.1 %, to 8,183.17 while the broader Standard & Poor’s 500 index rose 3.12, or 0.4 %, to 882.68, while the Nasdaq composite index gained 5.38, or 0.3 %, to 1,752.55. In other trading, the Russell 2000 index of smaller companies slipped 0.41, or 0.1 %, to 479.27.

Crude snapped its week long losing streak, rising 27 cents to settle at $60.41 a barrel on the NYMEX. Mortgage applications have jumped in recent weeks, as rates have steadily fallen into the mid 5.25% range, however the yield on the benchmark 10 year note rose 10 basis points Thursday as bond prices fell.

Morning Outlook

Asian markets fell overnight, with Hong Kong’s Hang Seng falling 82.17, or 0.5 %, to 17,708.42 while South Korea’s Kospi lost 0.2 %. In Japan, the world’s second largest economy saw its Nikkei index turn negative for the 8th straight session, closing down 3.78 points to 9,287.28.

Major averages fell in Europe during afternoon trading on the expected lower opening later in the U.S. The FTSE 100 index of leading British shares was down 31.09 points, or 0.8 %, at 4,127.57 while Germany’s DAX fell 35.02 points, or 0.8 %, at 4,595.05. The CAC-40 in France was 22.99 points, or 0.8 %, lower at 3,002.95.

On Wall Street, uncertainty over corporate earnings and forecasts going forward, coupled with falling markets around the globe sent futures in the U.S. downward. Dow Jones industrial average futures were down 70, or 0.9 %, at 8,064. Standard & Poor’s 500 index futures were down 7.20, or 0.8 %, at
871.70, while Nasdaq 100 index futures were down 7.25, or 0.5 %, at 1,406.25.

GM is Back Baby!

Leaner, Meaner, and Greener, General Motors emerged from bankruptcy a mere 40 days and $50 billion in taxpayer funds since its filing. The new company, which has some $40+ billion in liabilities, will be offset by its main product lines of Buick, GMC, Chevrolet, and Cadillac.

Economic Calendar

8:30 AM
International Trade: Measures the difference between imports and exports of both tangible goods and services. Imports may act as a drag on domestic growth and they may also increase competitive pressures on domestic producers. Exports boost domestic production. We have had huge trade deficits in recent years, with foreign countries able to produce goods cheaper. The trade gap is expected to contract to $28.8 billion in May on reduced demand for imports as well as U.S. products abroad. The trade gap narrowed by $29.2 billion in April.

9:55 AM
Consumer Sentiment: Consumer sentiment is directly related to the strength of consumer spending, by questioning 500 households each month on their financial conditions and attitudes about the economy. The consensus reading for July is 71.5, up from June’s last reading of 70.8. The employment situation for June may drive this figure to the low end of the range on job security and wage concerns.

Commodity and technology stocks sent the market mostly higher Tuesday as oil crossed the $70 per barrel mark for the 1st time in 2009. The Dow Jones industrial average fell 1.43, or less than 0.1 %, to 8,763.06. The broader S&P 500 index rose 3.29, or 0.4 %, to 942.43. Technology guided higher after an improved profit forecast from chip maker Texas Instruments Inc. raised hopes that demand could also increase for electronics. The technology-heavy Nasdaq composite index rose 17.73, or 1 %, to 1,860.13.

About three stocks rose for every two that fell on the New York Stock Exchange. In the bond market, the yield on the 10 year treasury fell 3 basis points to 3.86% as prices rose.

Morning Outlook

Higher commodity prices drove global markets out of their lull as large mining and oil companies pushed markets forward. Overnight in Asia, Japan’s Nikkei 225 stock average gained 204.67 points, or 2.1 %, to 9,991.49 while Hong Kong’s Hang Seng surged 727.17, or 4 %, to 18,785.66.

In Europe, the FTSE 100 index of leading British shares was up 80.44 points, or 1.8 %, at 4,485.23. Germany’s DAX rose 100.09 points, or 2 %, at 5,097.95 while France’s CAC-40 gained 51.87 points, or 1.6 %, to 3,348.60.

Wall Street looks to ride the global wave of green and make its first sharply positive move of the week. Futures are significantly higher in premarket trading, with Dow Jones industrial average futures rising 100, or 1.14 %, to 8,842. Standard & Poor’s 500 index futures gained 12.60, or 1.34 %, to 952.20, while Nasdaq 100 index futures advanced 15.25, or 1.02 %, to 1,516.00.

On the Corporate Front

Former AT&T CEO Edward Whitacre Jr will become the new boss at General Motors once the company emerges from bankruptcy. He will replace Kent Kresa, who will remain GM’s interim chairman until the reorganized automaker emerges as a new company that’s majority-owned by the U.S. government.

Home Depot (HD) raised its full year guidance in the premarket; expecting earnings per share from continuing operations to be flat to down 7 %. Prior guidance called for a 7 % decline.

Economic Calendar

8:30 AM
International Trade: Measures the difference between imports and exports of both tangible goods and services. Imports may act as a drag on domestic growth and they may also increase competitive pressures on domestic producers. Exports boost domestic production. We have had huge trade deficits in recent years, with foreign countries able to produce goods cheaper. The trade gap is expected to contract to $28.5 billion in April on reduced demand for imports as well as U.S. products abroad. The trade gap narrowed by $27.6 billion in March.

10:35 AM
EIA Petroleum Status Report: The Energy Information Administration (EIA) provides weekly information on petroleum inventories in the U.S. Oil prices have ticked up as OPEC continues production cuts to meet its quota, despite continued stockpiles. Trading on the NYMEX has been primarily driven by the direction of equities and the level of optimism of a sooner rather than later economic recovery.

2:00 PM
Treasury Budget: a monthly account of the surplus or deficit of the federal government. The higher the deficit, the more Treasury notes and bonds the government must sell, and therefore the prices of such auctioned securities will adjust accordingly. The consensus for May is for a fiscal deficit of $180 billion, down from $-20.9 billion in April as government funds continue to help resuscitate the economy. Over the past 10 years, the average deficit for the month of May has been $47.4 billion and $59.7 billion over the past 5 years.