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Saturday, July 21, 2012

Housing Data Offsets Weak Retail Sales Report

chilwell retail park
chilwell retail park (Photo credit: victuallers2)
This week European bond rates and corporate earnings dominated the market action. Earnings seemed to be coming in better than most expected, though in many cases revenue was light. The European slowdown continues to bite into some earnings reports as well.
Although there were pockets of weakness, tech stocks seemed to be doing particularly well. Microsoft(MSFT), Google(GOOG), IBM(IBM), and Intel(INTC) all seemed to impress investors with their results. The news out of the manufacturing sector wasn't so glum, either, as exemplified by decent, if not stellar, results from GE(GE). On the economic data front, housing news was generally good, retail sales looked remarkably (and inexplicably) soft, and industrial production looked a little better. The retail sales report was bad enough that a lot of analysts reduced their GDP forecasts for the June quarter. ... Continue to read.
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