Data showed that the U.S. economy contracted by 1% during the first quarter of the year. Consumer spending declined in April, the first decline in a year even though disposable income rose. The overall economic picture remains bleak.
"Grasping at straws." Investors spent market session hours searching frantically for a reason to buy or sell equities, Treasury bonds, currencies and other dollar and interest rate based criteria on which to develop a trade.
Employment gains despite the disruption of Hurricane Sandy may help to offset market concerns over the fiscal cliff and Eurozone interest rates, according to an analysis by Miller Tabak & Co. Chief Economic Strategist Andrew Wilkinson.