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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Last week, we encountered an ugly week for stocks as the market discounted higher interest rates,
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The Dow tried twice yesterday to get past 10,000 and failed, but I think it's really just a matter of time. We could see that happen by the end of the year.
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The lower oil prices go, the higher we may see the stock indexes moving this afternoon.
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The market now is trying to stabilize after having discounted higher inflation and interest rates and what most likely will be murky fourth-quarter outlooks.
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Mr. Greenspan didn't say anything new but his comments were one of the reasons we saw this early spurt take the market up and wane in the afternoon. But when it's all said and done, what the market is really grasping for here is some really good earnings in technology stocks.
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Mr. Greenspan's comments support equity gains, ... And investors may have turned around their view of Intel.
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If oil continues to stay at these levels for a sustained period, it will bite into economic activity and renew inflationary pressure. That could put into question if and when the Fed will end its tightening cycle.
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Not everybody is getting the check at the same time, but of course it's a positive for the economy. However, it's already in the marketplace and we'd have to see it show up in the (economic) numbers or nationwide polls.
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The year-end rally should resume next week on window dressing.
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Energy prices, earnings and the fall of the euro all continue to add to that wall of worry and the market is trapped here in a sea of uncertainty, ... There are no buyers and the selling just feeds on itself.
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I think by some time next week, the market will begin to rally again. I believe money managers will be aggressively window dressing.
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Basically it's individual stocks outperforming the rest of the market, ... The feeling that the Fed is not going to raise is infiltrating the whole marketplace and what we're now looking at is future earnings, but we're still in that rotation mode.
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All of these issues are causing pressure, but they aren't causing us to fall apart because the fundamentals remain strong and the earnings have been good.
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If oil prices continue to rise and there's an escalation of the situation in the Middle East, the question would come up, are we headed for some type of OPEC embargo and where would that send prices. It seems like all of the negative news that possibly could be surrounding the oil market is at hand.