Friday, December 21, 2007
Key Data Day
Tech stocks saw strong gains Thursday despite mixed data on earnings and the economy. The Dow added 38.37 points Wednesday to close at 13,245.64. The SPX advanced 7.12 points to finish the session at 1,460.12.
Economic news was mixed Thursday with 3rd quarter GDP in line with expectations at growth of 4.9 percent. However, the Philly Fed Survey showed a move into contraction territory, raising talk of a forthcoming recession. News that jobless claims moved higher was also a negative, especially since the data coincides with the household survey, leaving economists worried that unemployment could rise.
Despite this news, stocks did gain ground (eventually after another up and down day), which was a positive.
However, as we know, things can change quickly, especially when there is still a lot of uncertainty out there.
Today (Friday) will see a couple key reports in the form of the personal income and outlays release and data on consumer sentiment. Traders will be looking to see if wage pressures are building and also to see if consumers are becoming less confident. Both could have an impact on stock prices, especially if they stray far from expectations.
Lets see.
Until next time.
Economic news was mixed Thursday with 3rd quarter GDP in line with expectations at growth of 4.9 percent. However, the Philly Fed Survey showed a move into contraction territory, raising talk of a forthcoming recession. News that jobless claims moved higher was also a negative, especially since the data coincides with the household survey, leaving economists worried that unemployment could rise.
Despite this news, stocks did gain ground (eventually after another up and down day), which was a positive.
However, as we know, things can change quickly, especially when there is still a lot of uncertainty out there.
Today (Friday) will see a couple key reports in the form of the personal income and outlays release and data on consumer sentiment. Traders will be looking to see if wage pressures are building and also to see if consumers are becoming less confident. Both could have an impact on stock prices, especially if they stray far from expectations.
Lets see.
Until next time.
# posted by Paul @ 1:52 AM 
