The Wild Ride That is the Stock Market

ExxonMobile (XOM) ran into earnings trouble and that, coupled with ridiculously high oil prices, has managed to effectively undo any positive effect that might have come with yesterday’s Fed rate cut. Of course, the biggest damage was probably done by the statement accompanying the Fed rate cut. The implication is that the slashing is done for now. MarketWatch reports on this, plus trepidation over tomorrow’s payroll numbers:
“The morning after [a Fed announcement] tends to be a rough ride,” said Art Hogan, chief market strategist at Jefferies & Co. “As we start to get concerned about the non-farm payroll number on …read more