Evening Market Wrap Up - Feb-12-09
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January's retail sales actually rose over December's, thanks to higher gasoline prices and we speculate due to bargain hunters who found massive markdowns in early January. Those of us who watch the weekly ICSC sales data couldn't miss the early strength last month, but the full-period's rise was surprising nonetheless.
Weekly jobless claims, which came in horribly high (623K), are more significant. The benefits of retail markdowns can only impact shopping for so long, while employment trends are critical to spending and the nation's economic well-being over the months ahead. As a result, even the day's positive fiscal stimulus news was effectively muted while the market takes a wait and see attitude.
You should see a video player here illustrating the day's market action. If you cannot see the player from your vantage point, please click on the image below.
Please see our disclosures at the Wall Street Greek website and author bio pages found there. (Article interests: AMEX: DIA, AMEX: SPY, Nasdaq: QQQQ, NYSE: NYX, AMEX: DOG, AMEX: SDS, AMEX: QLD, AMEX: XLF, AMEX: IWM, AMEX: TWM, AMEX: IWD, AMEX: SDK)
January's retail sales actually rose over December's, thanks to higher gasoline prices and we speculate due to bargain hunters who found massive markdowns in early January. Those of us who watch the weekly ICSC sales data couldn't miss the early strength last month, but the full-period's rise was surprising nonetheless.
Weekly jobless claims, which came in horribly high (623K), are more significant. The benefits of retail markdowns can only impact shopping for so long, while employment trends are critical to spending and the nation's economic well-being over the months ahead. As a result, even the day's positive fiscal stimulus news was effectively muted while the market takes a wait and see attitude.
You should see a video player here illustrating the day's market action. If you cannot see the player from your vantage point, please click on the image below.
Please see our disclosures at the Wall Street Greek website and author bio pages found there. (Article interests: AMEX: DIA, AMEX: SPY, Nasdaq: QQQQ, NYSE: NYX, AMEX: DOG, AMEX: SDS, AMEX: QLD, AMEX: XLF, AMEX: IWM, AMEX: TWM, AMEX: IWD, AMEX: SDK)
posted by The Greek | 9:28 PM
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