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Strategies & Market Trends : The Amateur Traders Corner
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To: thestockrider who wrote (9262)5/11/2001 10:59:00 AM
From: Kelvin Taylor   of 19633
 
Friday May 11 10:37 AM ET
Stocks Fall on Economic Reports

NEW YORK (Reuters) - Stocks fell in early morning trading on Friday after the latest economic data showed an uptick in inflation at the wholesale level and strong retail sales, which cast doubt over how long the Federal Reserve will continue its aggressive interest-rate cutting campaign.

Investors were also weighing the University of Michigan's consumer confidence index -- a leading barometer of U.S. consumer sentiment -- which rose unexpectedly in May, snapping a long slide that began late last year. This suggested consumer spending may be sustained, despite the current economic slowdown, but some experts said Friday's batch of economic reports also flagged that the Fed's monetary easing cycle may be drawing to a close.

``It's a confused market out there. Investors don't know what to root for,'' said Uri Landesman, chief investment officer with AFA Management Partners.

``It will be very interesting to see how the market digests the news today,' he said. ``Are investors going to be upset that it makes it less likely that the Fed is going to cut 50 basis points next week, or are they going to say the data shows we are not in a recession which right now is good because companies are saying such negative things about the economy?''
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