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CNBC News Associate
Stocks opened lower on Friday as crude oil dropped below $71 a barrel and banks dragged after Bank of America lowered its outlook for the sector. Export prices rose 0.6 percent in May, while import prices jumped 1.4 percent, mostly due to a surge in gasoline prices. Read and listen to what the experts had to say...
Long-Term Stock Gains Doubtful
Stock markets look likely to break to the upside in the short term, but longer term there is "a big question out there," said Richard Cookson of HSBC. The economic data has been abysmal, and one would have to be cautious, he said.
Higher Rates are ‘Concerning’
“I would be really concerned that the higher rates, especially with the mortgages, would short-circuit any kind of recovery that the economy might be having,” said Lou Brien of DRW Trading Group.
Inflation is The New ‘Normal’
Higher interest rates and commodity prices are normal, said Lakshman Achuthan of Economic Cycle Research Institute. “The economy would always stay in a recession if it couldn’t withstand higher oil prices or higher interest rates during a recovery,” he said.
Emerging Countries to Lead Recovery
"This is going to be a recovery that is going to be led mostly by the so-called emerging countries," said Nani Beccalli, president & CEO of General Electric's GE International.
(GE is the parent company of CNBC.)
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Television stations are cutting their analogue signals today and moving to digital, ending a 6-decade era for the technology—leaving an unprepared 1 million homes without television. "The global cable industry has been dominated by the U.S.," said Parm Sandhu, of Unity Media. But he says that is all changing and Europe is becoming a hotter market for cable.
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CNBC's Companies in the News:
General Motors [GMGMQ
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BlackRock [BLK
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Microsoft [MSFT
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Bank of America [BAC
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General Electric [GE
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