S&P 500 1,064.80 +.08%
Click here for the Weekly Wrap by Briefing.com.
Bottom Line: Overall, last week's market action was mildly negative. A number of sectors advanced, notwithstanding another dismal performance by tech stocks. The fact that the market didn't fall in the face of hurricane Charley, potential political unrest in Venezuela, a worsening of Russia's OAO Yukos situation, rising energy prices, worse-than-expected outlooks from Cisco and Hewlett, the Fed's hawkish comments and the possibility of acts of terror at the Olympics is very impressive. Dell's bullish outlook, positive reports from Wal-Mart and Target, decelerating inflation readings and the Fed's positive comments with respect to future economic growth offset these negatives to an extent. However, it is definitely bad for the Bulls that measures of investor anxiety fell last week in the face of such uncertainty. As well, mutual fund outflows reached $1.25 billion for the week.
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