American Morning

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September 14th, 2009
07:22 AM ET

Big week for market on Lehman anniversary

NEW YORK (CNNMoney.com) - Reports of the stock rally's demise have been greatly exaggerated, with September so far managing to eschew a much-predicted selloff. A torrent of economic news this week could turn the tide.

[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2009/images/09/14/wall.st.2.art.jpg caption="A street sign stands on Wall Street near the New York Stock Exchange in New York."]

On the economic front, the consumer will remain front and center: Reports are due on inflation, retail sales, housing and jobless claims. These reports are key as investors look for signs that the consumer - hit by rising joblessness, lost wealth and tighter credit - is starting to recover.

Consumer spending fuels two-thirds of economic growth. Government stimulus and a period of inventory building are expected to help the economy for the next few quarters, but experts say the U.S. is at risk for a double-dip recession by this time next year if spending doesn't return.

"The week is likely to be a competition between better economic news for August and the start of the quarterly pre-announcement period," said John Canally, Economist at LPL Financial.

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Filed under: Economy
soundoff (2 Responses)
  1. T45

    Thousands of people will loose their unemployment benefits by the end of this month including me. Why has the President not said anything about extending the unemployment for people like me who look for a job everyday sometimes twice a day with no luck? This aniversary just reminds me of who this President really cares about...Wall Street! They are "too big to fail!" What are we, too small to care about?!

    September 14, 2009 at 8:46 am |
  2. Mike Armstrong TX.

    Here we are nearing the christmas shopping season is this a prediction of whats to come for capital gains for this season and are we looking at a second depresion a remake of the great depresion the second dip set off the great depresion the last time.

    September 14, 2009 at 8:44 am |