Peter Cardillo
Peter Cardillo
1972 Harlem mosque incident describes the April 14, 1972 shooting of a New York City Police Departmentofficer at the Nation of Islam Mosque No. 7 in Harlem, Manhattan, New York City. The officer responded to a fake 9-1-1 call, was shot and died six days later. The incident sparked political and public outcry about mishandling of the incident by the NYPD and the administration of Mayor John V. Lindsay...
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Accelerating GDP growth certainly bodes well for future economic activity. And though the report showed the impact of defense spending, it also showed that corporations are starting to spend more, too.
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Obviously, this is going to raise the level of speculation and fear. And the news may impact oil prices, sending them higher, which would cap equities.
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Energy prices are the reason for this. The crisis in the Middle East is obviously going to keep the price of energy at a strong level and that means this market is going to now be fearful of inflation exploding. We could be in for a further bumpy ride.
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The major companies have already reported and it's quite obvious that this market just can't shake the earnings syndrome.
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This definitely helps the continuation of the rally. From here, I see the continuation of this rally through the end of the year.
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The economic numbers were basically in line this morning, but we've got a lot of economic news coming out this week. Earnings are pretty much over with, and they were pretty mixed, so investors are now looking to see that the economy won't stall in the second quarter before they're going to be willing to buy.
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It might add to some short-term weakness, but it's not going to have any major effect. When you really analyze it, we had a good stock market in an era of gridlock.
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This market is grossly oversold. There has been a lot of stimulus added to the economy, so somewhere along the line a recovery will take place.
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The Fed decision was anticipated, so it's not having much of an effect. What we're seeing now is a reaction to the end of the quarter. It's basically window dressing.
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If the dollar continues to fall, and we end up in a free fall, at one point the Fed will have to be more aggressive, ... They may have to respond by raising interest rates by half a point.
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You see some individual companies reporting disasters while others are beating street expectations. So that's positive. That shows that the rut in that particular group is probably coming to an end.
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It's a very strong rally and it's right across the board, with tech stocks leading the way, ... Clearly, the fall in oil prices sparked this, but it's also a short-term shift in sentiment.
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You would think on a day when the bond market is very weak and the dollar is collapsing that technology would be weak. But, the weaker dollar is being interpreted as positive for the sale of technology abroad.
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Once everyone sifted through all the comments, the realization was that he hasn't changed his thoughts about the economy. He doesn't think the economy is ready to fall off a cliff, and that's basically a strong fundamental for the stock market.