WALL STREET LOOKS FOR DIRECTION
In a week of record breaking stocks, it is slightly surprising to hear news that Wall Street has lost its way. With the S&P 500 stuck in a rut that has lasted for 12 days, investors plan to take a different approach, one that focuses on economic data rather than earnings reports. Labor and manufacturing reports provide the kind of data that Wall Street is looking for. With the manufacturing sector set to expand, and approximately 180,000 jobs being added, many investors, including John Manley, chief equity strategist for Wells Fargo, NY, believe the economy is on its way up.