Stock Market Commentary – Dec 3
Posted on December 3, 2007 in the Commentary, Investing category
.There seems to be a lot of bears appearing on Wall Street as worries about the credit crisis and rising oil prices continue to geow:
“The bond market is begging for rate cuts, while the stock market is expecting rate cuts,”
Randy Diamond, trader at Miller Tabak
“We’re in a high-risk situation, probably one major shock away from recession,”
Ethan Harris, chief economist at Lehman Brothers.
The market clearly is not pricing in $100 oil and the economic restraint on growth that would be implied in that,”
Stuart A. Schweitzer, the global markets strategist at JPMorgan Private Bank
“Higher gas prices are right around the corner,” He estimated that gas prices could climb to $3.50 a gallon early next year.
Dan Pickering, an analyst at Tudor, Pickering & Company, an energy stock research firm in Houston.
Higher pump prices and home heating bills could put a big strain on American consumer spending, which accounts for about 70 percent of gross domestic product,..Consumers tend to trade down if their wallets are pinched by higher energy prices,…High-end customers are not going to be as hurt by gasoline prices…But they are more likely to stay away if they’re nervous about what’s happening in the stock markets.”
David Wyss, the chief economist of Standard & Poor’s
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