Skip to comments.Don't blame stock losses on the weather, pro says
Posted on 03/25/2014 2:56:17 AM PDT by Red in Blue PA
As spring continues to bloom, it will become more difficult for stock market observers to attribute Wall Street losses to the weather, BlackRock's Russ Koesterich said Monday on CNBC.
"It's been hard to sort of disentangle the economic trends from the weather and for a long time what investors had been arguing is that, 'Look, we know the data is soft. We know that January and parts of February were weak, but this was mostly weather related.'" said Koesterich, global chief investment strategist at BlackRock, the world's largest asset manager, as stocks fell sharply on Monday.
In late trading, all three major averages were in the red. On the Nasdaq, 70 percent of the stocks traded were lower, while about 56 percent of New York Stock Exchange-listed shares fell. Health care was down the most of the S&P 500 sectors, with the decline tied to bio-tech stocks, while the telecom and utilities sectors were positive on the day.
"I think some of the disappointment we're seeing today is the fact that some of the softness is not only to be blamed on the weather," Koesterich said on "Squawk on the Street." "As March got a little bit more normal, we're still seeing that many of the prints are coming in below expectations."
(Excerpt) Read more at cnbc.com ...
Shopping was merely put off until the weather was better in this house. And I had stocked up before winter...just like my parents and grandparents did.
This is like Stalin-era Soviet media propaganda, isn't it?
Or when was the last you heard extraordinary earnings attributed to good weather?
FINALLY! Something we can’t blame on Global Warming, Climate Change, or Bush!
That may be true in your household but there are plenty of people that are now struggling with the loss of insurance or the cost of NeroCare (tm).
It’s only going to get worse. I predict much worse. June and July will be real bad. The Tourism industry is gonna take it in the shorts. The only people of Vacation this summer will be Congress and the Obamas.