The stock market just cannot seem to go anywhere but down whenever the long bond gets above 7 percent, and that is basically what happened today.
More Quotes from Gail Dudack:
The negative of last Friday's decline was not the decline itself, but the complacency of the decline. There's too much complacency.Gail Dudack
The market is responding very directly to interest rates as kind of a one-dimensional thing -- fearful of inflation and I think that either higher rates may catch this market in 1997, or the flip side, lower earnings.
Gail Dudack
The strong dollar has done two very good things for the stock market brought in foreign money and kept inflation low. Question is, 'What is the dollar going to do from here' It's been weak for the last month. Will it still create that magnet for foreign investors
Gail Dudack
It's going to be difficult for stocks in the short run. Now that interest rates have risen, there is going to be tremendous pressure on earnings. Without earnings, there is not going to be a catalyst for equity prices to go up.
Gail Dudack
The main catalyst that people are looking at is tomorrow's jobs report. While there's a mix of many things going on in the market, the key thing to an economic recovery is jobs and income. That's why tomorrow's number is critical.
Gail Dudack
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