25 Apr 2003

Posted at 15:38h in The Friday Brief by
The mood on Wall Street is improving, albeit slightly.  General market improvement comes ahead of the economic reports provided by the government that substantially reflect the view that the lead-up to the war with Iraq had a significant dampening effect on the economy.  Investors seem more optimistic as they learn that many companies are reporting better-than-expected earnings.

11 Apr 2003

Posted at 15:40h in The Friday Brief by
Seemingly, the war and its commensurate uncertainties no longer hold such sway over the market.  However, that could change in a moment.  Focus has shifted to factors investors are more accustomed to addressing, like earnings.  The season when companies report their quarterly earnings is upon us.  So far, 33 companies that comprise the S&P 500 index have reported.  The next two weeks are the busiest of the season with over 300 large companies reporting their first quarter earnings.  Outside of General Electric today and Yahoo! this past Wednesday, there were no earthshaking earnings reports this week.

04 Apr 2003

Posted at 15:43h in The Friday Brief by
The proof of the negative impact of the war on the economy came this week as the government released several major historical indicators.  Both manufacturing and non-manufacturing sectors showed rather dramatic contraction, to levels not seen since October 2001.  Both business leaders and consumers alike continue to delay their investment and spending decisions in the face of the Iraqi war. 

28 Mar 2003

Posted at 15:54h in The Friday Brief by
In just a week the faint signs of optimism have succumbed to the brutal realties of war.  It is not clean and it rarely, if ever, goes according to script.  Investors are realizing that they likely allowed excessive optimism to get ahead of reality.  The war will take longer than earlier hoped.