Econ-Updates-Day-1

Econ-Updates-Day-1 - DDI 2009 Wesley Recovery now Econ...

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DDI 2009 Econ Updates Wesley Page __ of __ Recovery now Recovery now- Markets prove WSJ 8/11 /09, http://online.wsj.com/article/SB124990251697719147.html The Wall Street consensus is that a broader economic recovery is on the way. "I think the market is already telling us that the economy is in growth mode, " said Peter Cardillo, chief market economist at Avalon Partners in New York. "We get little intraday corrections, but people only take them as buying opportunities. You're not getting any meaningful fight to move to the upside." The Nasdaq Composite Index was off 8.01 points, or 0.4%, at 1992.24. The Russell 2000 declined 0.53 points, or 0.1%, to 571.87. Financial stocks, which have benefited lately from the unwinding of bearish bets, were mostly lower on Monday. Still, some of the sector's most beaten-down names continued to rise. Freddie Mac more than doubled after the mortgage-finance giant posted a quarterly profit and said it won't seek more government aid for now. Its sister company, Fannie Mae , climbed 52%. Basic-materials stocks also slipped as investors took some profits in the sector. Commodity-related stocks have benefited from rising expectations of a
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Econ-Updates-Day-1 - DDI 2009 Wesley Recovery now Econ...

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