Stocks traded higher on Wednesday on two economic reports that showed unemployment rates beginning to ease. Optimistic experts told investors to start getting into the market again. Watch and listen to what the pros had to say...
‘Getting Worse More Slowly’
John Haynes from Rensburg Sheppards said the news from the earnings season has been a little better than feared and various economic data show that “we're getting worse more slowly.” He told investors to start selecting various places within the market to allocate equity money.
Stacking on Cash = Risk
“Having cash right now is a risk if you’re an active money manager,” said Gary Kaminsky, former Neuberger Berman managing director. He said that for equity managers, it'sbetter to own stocks than to sit on cash.ADP Numbers: No Applause
Jared Bernstein, chief economist to Vice President Biden, said although ADP national employment numbers were positive compared to what many economists had expected, it’s still not the measure of success. “If we’re lucky, then the best we can say is that we’re falling less quickly,” he said of the economy.
Critical Market Drivers
Bill Spiropoulos of Corestates Capital Advisors said he is bullish on the markets. He said that accelerating globalization, leveling living standards, and moderating economic cycles are some aspects that will be critical market drivers.
NYC Continues Budget Cuts
NYC Comptroller Bill Thompson said the city would continue to cut budgets for major projects. He disagreed with Mayor Bloomberg’s sales tax increase proposal, saying in the middle of a recession it will only damage businesses, and further burden middle class citizens and working New Yorkers.
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