Holiday Shopping Season Can’t Jump-Start Stocks
Jupiter, Fla. – November 27, 2007 – Black Friday, the official kick off of the holiday shopping season, couldn’t give the economy enough of a boost to draw attention away from analysts’ latest concerns about the housing and sub-prime markets.
The market rallied slightly on the Friday after Thanksgiving, but not enough to give investors too much confidence. “Friday’s big rally was sort of a ‘good news-bad news’ rally, in that it made the overall week look not quite as bad, explains the Gorilla, of Gorilla Trades. The ‘good news’ was that for the week, the S&P 500 only fell 1.2%, while the Nasdaq and Dow lost only about 1.6% each. The ‘bad news’ was that without the light-volume Friday moon-shot, the majors would have otherwise had a very minor league week, with losses nearly double what they actually booked.”
Nationwide retailers’ reports were generally positive but the continuing threat to economic growth caused by the failing real estate and credit markets was too strong to be trumped by holiday sales.
So where will the market go from here? The Gorilla says that “it is a combination of how strong and resilient the U.S. economy is versus how debilitating all of the sub-prime mortgage garbage ultimately will be.” Hopefully shoppers will start pouring out more cash and, in turn, help invigorate the stock market.
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