Stocks could revive on GDP, earnings
More affordable stocks and strong numbers for gross domestic product could dispel some of the gloom that has struck equities recently and nudge Wall Street forward in the coming week, according to market strategists.
Along with positive earnings results, analysts expect economic data figures to cheer corporate America. Consumer confidence and existing-home sales numbers are expected Tuesday, but much of the focus will be on GDP and the employment-cost index, both scheduled for Friday, strategists said.
"Third-quarter GDP [growth] could be around 4%, despite Katrina; that's a pretty powerful quarter," said Lincoln Anderson, managing director and chief investment officer for LPL Financial Services.
"I think with the strength of the economy, plus cost controls in the corporate sector, that people are being too cautious on the fourth quarter," he added.
GDP growth is expected to come in at 3.7% compared with 3.3% for the second quarter, according to a MarketWatch survey.
Some institutions are also optimistic on growth and believe that Hurricane Katrina's chilling effect was overblown in the immediate aftermath of the devastating storm.
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