Evening Friday, July
1. NEW YORK (Reuters) - A pullback could be on the table next
week for stocks after their best weekly performance in two years, especially if
a raft of data headlined by the June jobs report doesn't bolster the argument
of a strengthening economy.
Stocks rose for five straight days
as the fog of the Greek debt crisis appeared to once again be lifted while
better-than-anticipated economic numbers such as Friday's manufacturing data
gave weight to the belief the U.S. economy was starting to recover from a soft
patch.
"What we are looking at is a
market that is going to focus on the economic numbers," said Peter
Cardillo, chief market economist at Avalon Partners in New York.
"We had real good gains toward
the end of the quarter so it wouldn't surprise me to see a little bit of profit
taking before we get those numbers out during the course of the week."
Data expected for next week includes
factory orders for May, the ISM services index and several indicators on the
labor market, including Friday's report.
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