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Stocks fall on weak retail sales, foreclosure jump
http://finance.yahoo.com/news/Stocks-fa ... et=&ccode=
The stock market is an indicator of the overall economy. I've been saying all along that the recent stock market rally and supposed economic recovery was nothing more than a bear market rally, a sucker's rally. Read up on the great depression and you will see there were many false bottoms and sucker's rallies, each time the drop was worse than the last. As it says above, the driver of the recession was real estate and real estate has NOT bottomed yet. As I've also said, Obama spending like a drunk sailor in a whore house will make things far worse.
Keep those seat belts on.
http://finance.yahoo.com/news/Stocks-fa ... et=&ccode=
During the market's two-month advance, investors grew accustomed to data indicating that the economy, while not growing, was at least bottoming out. This week, unexpectedly worse data has thrown a wrench into the works.
On Wednesday, economists predicted April retail sales would be flat, but instead they fell, and March's sales decline was revised to an even larger drop.
Macy's Inc. offered another sign that consumer spending is not on the rebound. The department store operator said its loss in the first-quarter widened from a year ago to $88 million. Macy's fell 83 cents, or 6.7 percent, to $11.52.
Meanwhile, the main driver of the recession -- the collapsing housing market -- has yet to turn around. RealtyTrac data said April's foreclosures were up 32 percent from a year ago, and up slightly from March. It was the second straight month that more than 340,000 U.S. households received a foreclosure filing.
The stock market is an indicator of the overall economy. I've been saying all along that the recent stock market rally and supposed economic recovery was nothing more than a bear market rally, a sucker's rally. Read up on the great depression and you will see there were many false bottoms and sucker's rallies, each time the drop was worse than the last. As it says above, the driver of the recession was real estate and real estate has NOT bottomed yet. As I've also said, Obama spending like a drunk sailor in a whore house will make things far worse.
Keep those seat belts on.