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Closing Bell: Bears are on vacation (AIG, GME, PETM, GOOG, SHLD, SBUX)

This was one of those days that the overseas stock markets had a boost for the U.S. and the strength just stayed around. Despite a worse jobless claims figure, there was an actual positive report in the Philadelphia Fed manufacturing data and the Leading Indicators did not hurt the market either.

Here were today's unofficial closing bell levels:

Dow 9,348.54 +69.38 (0.75%)
S&P 500 1,007.37 +10.91 (1.09%)
Nasdaq 1,989.22 +19.98 (1.01%)

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Continue reading Closing Bell: Bears are on vacation (AIG, GME, PETM, GOOG, SHLD, SBUX)

Leading indicators, short-term interest rates, consumer confidence, GDP on this week's schedule

Wall Street is already bracing itself for dismal earnings reports this week. What else is coming done the pike? Here's a look at what's on the economic calendar for the week of January 26, 2009:

For expectations from some of this week's earnings releases, see The week in preview: High hopes for McDonald's, Pfizer, Netflix, P&G.

Economic leading indicators point to a slowdown

It is no coincidence the Fed changed its language last week from concerns about inflation picking up to a neutral stance on prices. From looking at the chart below, when the downward slope of the economic leading indicators has been this steep, it has meant a meaningful slowdown is on the horizon.

Mr. Bernanke is very aware of this chart. The question is how proactive he wants to be. Greenspan never would have stopped raising rates when Bernanke did -- a very bold move for the relatively new Fed Chairman. A bolder move would be to lower rates at the next meeting and forgo a recession.

Symbol Lookup
IndexesChangePrice
DJIA-89.2312,801.23
NASDAQ-23.352,903.88
S&P 500-9.311,342.64

Last updated: February 12, 2012: 08:18 AM

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