Wall Street continues to confront an ocean of uncertainty as the Obama Administration rolls out its plans for turning around the battered U.S. economy. With nobody predicting a quick fix, markets are under pressure today as the dimensions of the task become all too apparent.
Stocks firmed last week on ideas the plan would finally begin to solve the problems of the credit market. But delays announcing the latest Treasury effort and signs the stimulus package could also take longer to pass brought out the bears once again.
The Dow tried and failed to move through resistance at its 25- and 50-day moving average, setting up another test of the 8000 level. Rising unemployment, and more to come, could keep the news flow bleak, though tough action to trim costs is keeping many companies profitable according to the latest stream of earnings statements.
To read Bryce Knorr's complete weekly financial review, click HERE.
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