Daily News Roundup
Posted by vriz on 04/09/2009
Anybody who might try to predict how the day-to-day trading on Wall Street will go on any particular day is… well… there isn’t anyone who'd want to get into such business. It’s just too unpredictable. Today, for example, the markets rallied. The Dow stayed above the 8,000 mark for most of the trading. Better than expected quarterly earnings in the banking sector drove the upward trend. Also, the reports on the initial jobless claims filed last week came in lower than expected by the economists and the trade deficit unexpectedly shrank 28 percent, the most since 1996, as imports decreased. Another bright spot in the economy were the March retail sales. Although most retailers (except Wal-Mart) reported a drop in sales in year-on-year comparison, the decline was not as steep as expected, showing the signs of stabilization. Of course, there are still lots of unemployed Americans, about 5.1 million, who are not cheered up by the markets going up, or the retail sector stabilizing. Places like Detroit are experiencing economic environment that is far worse than most places in the country. That’s why Jay Leno decided to do free comedy concerts for the residents of Motor City and drew in thousands seeking comedic relief. (Compassion was not the only motivation for Leno, of course. He is also a hard-core automobile enthusiast and has a lot of respect for folks who actually make cars with their own two hands).
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