WOW the results are coming in.
Damn I must be an economist. The following is more on the sad state of affairs on Wall Street. Notice how nobody seems to ask who the criminals are yet.
By TIM PARADIS, AP Business Writer 12 minutes ago
NEW YORK - Wall Street turned higher Wednesday as another drop in oil prices helped offset concerns about a jump in inflation last month. The Dow Jones industrial average rose more than 150 points. Stocks drew support from oil prices that pulled back for a second straight day on concerns that a slowing economy will curtail demand for fuel. Light, sweet crude fell $4.09 to $134.65 on the New York Mercantile Exchange, compounding a drop of $6.44 on Tuesday.....
Investors also remain worried about the economy and specifically the financial sector. This week has brought fresh attention to potential trouble spots in the mortgage market. Fannie Mae and Freddie Mac, the government-chartered mortgage financiers, remain a concern, as do regional banks that could have bad mortgage debt on their books.
But, for the moment, investors were pleased by the drop in oil.
"I think the pullback in oil is significant. The market and the market participants clearly had digested what the impact was going to be if oil prices had stayed at that level," said Dan Genter, president and chief investment officer of RNC Genter in Los Angeles.
WAIT I THOUGHT IT WAS THE SUPPLY AND DEMAND THAT DID THIS.
By TIM PARADIS, AP Business Writer 12 minutes ago
NEW YORK - Wall Street turned higher Wednesday as another drop in oil prices helped offset concerns about a jump in inflation last month. The Dow Jones industrial average rose more than 150 points. Stocks drew support from oil prices that pulled back for a second straight day on concerns that a slowing economy will curtail demand for fuel. Light, sweet crude fell $4.09 to $134.65 on the New York Mercantile Exchange, compounding a drop of $6.44 on Tuesday.....
Investors also remain worried about the economy and specifically the financial sector. This week has brought fresh attention to potential trouble spots in the mortgage market. Fannie Mae and Freddie Mac, the government-chartered mortgage financiers, remain a concern, as do regional banks that could have bad mortgage debt on their books.
But, for the moment, investors were pleased by the drop in oil.
"I think the pullback in oil is significant. The market and the market participants clearly had digested what the impact was going to be if oil prices had stayed at that level," said Dan Genter, president and chief investment officer of RNC Genter in Los Angeles.
WAIT I THOUGHT IT WAS THE SUPPLY AND DEMAND THAT DID THIS.
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