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Self-Defeating Industries   The End of Balanced Budgets
Apr 27 2007 10:28AM EDT

Macro News Doesn't Always Move Markets

Further adventures in intraday stock-market reporting: the AP has a story this morning headlined "Stocks Fall After Weak GDP Report". The second graf gives us the GDP figure: +1.3%, which is indeed weak. And then the fifth graf gives us the stock-market reaction:

The Dow Jones industrial average fell 5.37, or 0.04 percent, to 13,099.81. The Dow surpassed 13,000 for the first time Wednesday and eked out another gain Thursday that nudged it to its 36th record close since October.

If the Dow had risen by 0.04%, would the headline say "Stocks Rise After Weak GDP Report"?

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