Stocks continue mixed on more dismal news. Dow is up 39, advancers are slightly ahead of decliners & NAZ is up 12. The Commerce Dept said consumer spending edged up just 0.1% last month, the poorest showing in 17 months & the 3rd consecutive month of sluggish activity. The modest gain was due to effects of inflation. Oil pulled back 2 to under 106 as fears about disruptions from Basra eased & the dollar strengthened.
The director of the Office of Federal Housing Enterprise Oversight, James Lockhart, said on CNBC the idea of freezing mortgage rates would be a mistake in a response to a proposal put forward by Sen Clinton. The exact words were, "You'd really cause market dislocations." It will be a shame if politics starts to intrude into an already messy credit situation.
JC Penney (JCP) dropped 3 on it's earnings forecast that Q1 earnings will be below original forecast, another indication that retailers are having a tough time in today's economy.
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