Stock Market Update - Fri May 11 09:40:01 EDT 2007
[BRIEFING.COM] In the wake of widespread profit taking that pushed the Dow, S&P 500, and Nasdaq down 1.4% on average yesterday, stocks are rebounding right out of the gate. While a sense that yesterday's sell-off was overdone attracts bargain hunters, today's economic data are also providing a floor of early support.
With the Fed recently saying that inflation remains its "predominant" concern, core PPI for April checking in unchanged again has pushed the year/year rate to more tolerable 1.5%. Combine the tame inflation read with a retail sales report that further underscores the slowing economy also welcomed by the Fed and investors are back to believing that a rate cut might be coming sooner rather than later.
NYSE Adv/Dec NA/NA...Nasdaq Adv/Dec NA/NA .
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