Philadelphia Fed Survey Of Business Conditions Sinks Market
Stocks were off to a good start this morning on positive news from Research In Motion (RIMM) and an upgrade of Cisco (CSCO).
But the release at 10am of an ugly Philadelphia Fed Survey of Business Conditions for February at 10am EST raised recessions fears again and sank the market (S&P 2 Day Chart).
Respondents’ answers to the headline question “What is your evaluation of the level of general economic activity?” is showing a similar a dropoff to what we saw before the 2001 recession, as a number of economists have noted today.