Schenk to AP: Strong consumer news needed for a rebound
NEW YORK (11/17/09)--Without positive news about consumer behavior, the stock market isn't going to see significant advances, a Credit Union National Association (CUNA) economist told The Associated Press Monday.
"A steady stream of mediocre news from the consumer sector does not translate into high numbers for the stock market," Mike Schenk, CUNA senior economist, told the news service.
Because there's friction in U.S. financial markets between investors who believe the economy is in the midst of a robust recovery and those who believe the rebound will be gradual and filled with potholes, stock trading has experienced volatility, AP said.
Also, the housing market is still a long way from recovering, and that has put a damper on consumer confidence and also altered their spending patterns, Schenk told the news service.
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