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Investing Specialists

Tech to the Rescue

Offsetting mixed economic data, results from the tech sector this week offered a clear indication that businesses are back in a spending mood.

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Market participants remained in an almost euphoric mood this week. Less negative news out of Japan and the Middle East gave investors renewed courage to invest. Even mostly disappointing economic data and more bad news on the European debt crisis (Portugal again) couldn't stop the market's party.

The market has managed an increase in six of the last seven sessions. Improved initial unemployment claims was one piece of economic news that moved the market along this week. That bodes well for next week's jobs report.

Real estate market reports were uniformly terrible, potentially challenging my thesis that the housing market is so small that it could do no further harm to the economy, at least in the short run. If one looks hard enough, however, there are at least a few regional signs that some improvement might come in the months ahead.

Robert Johnson, CFA does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.