|
Sica said a yes vote means a quick boost for the market before investors remember that Greece has voted for such measures in the past and continually broken its promises to make painful cuts. In his view, this year's rally isn't the result of overwhelming confidence. It's because a fear of Europe's problems has led investors to U.S. stocks which are safe by comparison. "The heart of the issue is the rest of Europe -- and the next domino to fall
-- which is Italy," he added. "You can ignore one small country, but you can't ignore (the European Union), the second-largest economy in the world." Barry Knapp, head of U.S. equity portfolio strategy at Barclays Capital, also isn't optimistic about this week but not because of Greece. Knapp said that if any bit of U.S. economic data disappoints, even slightly, the reaction on Wall Street will be bad. Retail sales and industrial production data along with speeches from members of the Federal Reserve will likely be market movers this week. "I think we're in a spot now where the market is just much more prone to disappointment," he said. "The market doesn't have much margin for error right now."
[Associated
Press;
Copyright 2012 The Associated
Press. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries
Community |
Perspectives
|
Law & Courts |
Leisure Time
|
Spiritual Life |
Health & Fitness |
Teen Scene
Calendar
|
Letters to the Editor