Reason du jour for early stock swoon today: Data!
Government data showed weekly jobless claims rose unexpectedly, climbing back above 400,000, while U.S. core producer prices rose slightly faster than expected in March, pointing to increased inflation pressures.
The thought is that gas prices and the Japanese earthquake are affecting the psyche of companies and their plans to expand and grow.
I definitely agree that gasoline above $4 is hitting consumers. As we spend more money at the pump, it means we spend less money at the malls, restaurants, and online shopping. The money has to come from somewhere and displace the money we spend on other things.
Not that this has slowed down the action at the local Indian casino or Cheesecake Factory. There’s always room for dessert, right?
Stock market has rebounded some off the initial open…
