Investors Await Data on Jobs, Manufacturing to See if They're Correctly Assessing the Economy
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NEW YORK (AP) -- Stocks may already be pricing in a recession, but they haven't priced in a very deep one. If this week's data on the job market and manufacturing are worse than Wall Street is anticipating, investors should not be surprised to see another tumble.
To be sure, the stock market is usually pretty adept at sizing up the economy. And many market experts are saying stocks may have already hit bottom. But considering how much mystery still surrounds the mortgage crisis -- not to mention the fact that many analysts are starting to pare back their estimates for 2008 corporate profits -- calling the stock market's decline over is a bit premature.
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