Archive for May 8th, 2008

Stocks gained near midday Thursday as investors welcomed some upbeat retail sales and improved economic reports. But gains were limited by concerns about the outlook for consumer spending amid record oil and gas prices.

Although many retailers reported improved April sales, following a disastrous March, analysts cautioned Thursday that it's premature to declare a resurgence in consumer spending.

Stocks turned mixed Thursday morning as investors welcomed some positive April retail sales, but remained wary about the outlook for consumer spending amid record oil and gas prices and a sluggish economy.

Everybody's been talking lately about how much News Corp. CEO Rupert Murdoch loves print. His company just paid $5 billion for Dow Jones, publisher of The Wall Street Journal. Yesterday, he sounded confident that News Corp. would shortly acquire Newsday for $580 million from Tribune Co. Who better to spruce up these papers than a man who is often said to "have ink in his veins," right?

New filings for unemployment claims fell more than expected in the latest week, according to a government report released Thursday.

The worst isn't over for Miami, Phoenix, and hard hit areas of California, which are all forecast to see big price drops in the next 12 months.

Stocks inched higher early Thursday, bouncing after the previous session's big selloff, as investors welcomed some positive retail sales from Wal-Mart Stores and other chains and a bigger-than-expected drop in weekly jobless claims.

Although many retailers reported improved April sales, following a disastrous March, analysts cautioned Thursday that it's premature to declare a resurgence in consumer spending.