Despite a 225-point run-up in the Dow Jones Industrial Index on Wednesday afternoon (the Dow finished up 53 points by the end of the day), the U.S. stock market certainly doesn’t reflect an economic recovery.
Weak numbers this week on key issues from unemployment to the index of leading economic indicators have kept the stock market in check. The DIJIA, along with the Standard & Poor’s 500, have both declined by 10% from their April highs. When that happens, economists usually signal that the stock market is in correction mode — in other words, investors are pulling back because they don’t believe an economic recovery is in full bloom (or any bloom, for that matter).
The lack of a full-blown U.S. economic recovery, coupled with the troublesome European debt picture, has investors on both continents pulling their money from stocks and plowing it into the bond market. That in turn pushes Treasury yields downward, and pushes bond prices up. In that type of environment, it’s tough for bank interest rates to make any headway, and that’s why we’re seeing lower certificate of deposit rates, and lower savings and checking account rates.
Still, that doesn’t mean you can’t find good bank rate deals — you just have to know where to look. That’s what Deals of the Week is all about.
The bank is offering the deal in two phases.
To get the iPod Touch, without the $25 gift card, open either a Key Express Free Checking or a Key Advantage Money Market Checking account by July 30, 2010. After you open the account, you’ll need to make one KeyBank Rewards debit card, along with a combination of two direct deposits and/or automatic payments worth at least $100 each, by October 1.