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Inflation drives sell-off in Equities
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| Oil drops $1.61, Apple and AMD earnings weigh on tech stocks, weak retail sales |
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| The sell-off in equities started early on and continued through out the day. Weak retail sales data and market’s nervousness on the earnings release of Apple computer and Advanced Micro Devices did not help technology stocks either Sell off in the treasury market on the inflation concern was not allayed by the oil price decline of another 3.4% for the day. Overall investors only found reasons to sell stocks. |
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Stocks open lower on retail sales data
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| Retail at 0.3%, oil below $52 |
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| This morning Commerce department reported that March retail sales increased 0.3 percent. This was followed by rise of 0.1% and 0.5% in January and February. The prospects of higher sales related to Easter holiday were washed by higher oil prices and bad weather in much of the nation. Economists were looking for 0.8% rise in sales. |
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Markets turn with the Fed Minutes
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| Trade deficit hits $61 B, oil trades below $52, Fed wants measured rate hike |
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| This morning Commerce department reported that Feb goods and service trade deficit was $61.04 billion, 4.3% higher than January 2005 deficit. To put this in perspective, Feb 2004 and 2003 deficits were $45 and $40 billion. Surging oil prices and exports from all major trading countries played a role in driving the deficit higher. |
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