Stocks show only modest weakness, despite concerns over swine flu. Airlines, hotels, cruise ships and some food processors are down, but the overall market is only fractionally to the downside.
Swine Flu: global pandemic or paranoia? President Obama said the health emergency declaration was merely a prudent measure. But many pharmaceutical stocks were sharply higher Monday in reaction to flu outbreaks — and the gains seemed to ripple through the sector.
Hugh Johnson of Johnson Illington Advisors told CNBC that it's time to start buying stocks again. "Financial markets are sending a very clear signal: 'We've seen the worst, we're starting a bull market and all the right sectors are performing well.'"
Great. As if the bank stress test wasn't confusing enough, as if the auto restructuring wasn't enough uncertainty, now we have half of the trading community frantically Googling "Tamiflu" this morning. The concern is that swine flu this could create another slowdown in global travel just as we are trying to figure out a bottom. Commodities, airlines, and hotels are weak this morning.
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