The week will be filled with second quarter earnings reports from company after company. This is not just America, this is corporate America, and this is what its all about in terms of the health of the economy.
Some of the companies reporting today will be Texas Instruments, Legg Mason, and George W. Bush and Dick Cheney bellwether Halliburton (boo).
Finance journalists have settled on a new tone for their articles. Gone is panic and volatility, eliminated is unfounded over optimism as we saw in the April - May rally period, and now we have a sober flicker of hope. Call it the new economic realism replete with massive foreclosures, massive layoffs coupled with a 10% unemployment rate, massive personal and commercial debt default, shaken consumer confidence, yet an ever perky and stubborn corporate resilience daring to pave the way as the leading economic indicator.
When the reports are good, the market will rally and the opposie is true as well. Oil is up and that always boosts equities.
Reuters: Stock futures point to firmer Wall St open after CIT deal
Human Genome Sciences Inc said its experimental drug to treat lupus was successful in a late-stage clinical trial, a likely shock to many on Wall Street who had written the drug off as dead.
Oil rose above $64 a barrel...
U.S. White House Director Peter Orszag said on Sunday that second-quarter U.S. gross domestic product figures are likely to be better than the first quarter...
...recession's grip on the economy appears to be easing...
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