NEW YORK - Wall Street lost ground on Wednesday as weak U.S. economic data and simmering geopolitical tensions spooked buyers away from the equities market, despite a string of generally positive third-quarter earnings reports.
“This is perhaps the first indication that the consumer side of the economy is showing signs of stress and perhaps pulling back,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “The consumer has been looked at as the savior of this economy and this data comes out and it’s rather shocking.”
“It surprises us that the market isn’t reacting more to the negative issues,” Ghriskey added. “Part of that is the expectation that the Fed is going to lower rates at the end of October and that companies may surprise to the upside like they did in first second quarters.”
It’s October. It’s a SPOOKY month and we are fighting a war, so spook means spy get over it. Oh I see... a little financial humor - Good one! Finally someone with a sense of humor.
Trump BozoTheClown
I’m dressing up as weak U.S. retail sales for Halloween
2018 was just a Cotton candy sugar high.
WallStreet
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