Week 10 was filled with economic data. The ISM manufacturing report showed a second straight month of strength which is leading some to say that the worst may be over. In President Obama’s statement Tuesday, he expressed that the long-term valuation of the stock market is attractive.
Tuesday a very weak pending home sales report headlined the day’s economic data. The report points to deepening declines for current home sales. The Fed’s Beige Book reported that the recession is deepening, and a series of comments from Federal Reserve officials seemed to confirm that accusation.
February’s atrocious jobs report was expected. The markets expected the unemployment rate to move to 9 percent sometime about mid-year.