By Clyde Noel

Inflation fears, caused by higher oil prices, plagued the stock market all last week despite a strong session on Wednesday. For the week, the Dow industrials closed 0.36 percent down, the Nasdaq composite was down 1.1 percent, and the Town Crier “50″ dropped 0.14 percent.

Crude oil prices rose to $57.50 a barrel, which took another bite out of stocks. For the first quarter, the Dow 30 stocks were down 3.5 percent, the Nasdaq was down 8.74 percent, and the Town Crier index of 50 stocks fell 7.86 percent.

Looking forward to the second quarter, a decline in oil prices along with solid earnings data could move the stock market higher. Alan Greenspan will be in the spotlight again today and Friday. The Federal Reserve Board chairman is expected to speak about the economy, and traders will listen closely for clues on inflation and the pace of future interest rates. Any negative comments in his statement could cause further market depression.

This is my last column on the stock market since I will be leaving the Town Crier after 14 years. Computing the Town Crier index each week has been an enjoyable and informative exercise for me. I hope you have enjoyed reading about it as much as I have enjoyed calculating it.

I have never disclosed whether I owned any of the stocks in the Town Crier index. My portfolio of stocks in the Nasdaq is nil. Two brokerage firms hold my portfolio of 62 stocks in street name. It is heavy in large-growth stocks that include many in the Dow Jones industrials. All the stocks are dividend payers, with many - such as Verizon and Citigroup - paying 4 percent to 5 percent, while savings accounts and CDs struggle around 2 percent to 3 percent unless you tie up your money for years.

Good luck with your portfolio, and save something for your retirement.