By Maxine Shapiro, KERA 90.1 business commentator
Dallas, TX – It's Friday so "It's Only Money," a review of the big and not-so-big stories of the week. I'm Maxine Shapiro with KERA Marketplace Midday.
Believe it or not, today marks the four-month anniversary of the current Wall Street rally. Though bright as that might be, there is still a reluctance to sigh a resounding "phew," except among the few institutional traders who got back in the market four months ago. You get the impression if it weren't for the worst labor market we've seen in twenty years, the market would be on a one-way ticket north. Every Thursday after the bleak jobless claims report more and more new people are filing for unemployment benefits, there's a sorta sympathetic break in the market.
But Wall Street is a day-to-day game and if it wants to rally on anything it will. For example, yesterday, besides the depressing jobless claims number, Yahoo reported earnings in line with expectations. And we're back to the same old song and dance. Wall Street was expecting Yahoo to beat expectations, which always makes me ask, why not raise the expectations if you want a company to beat expectations? Well, the market broke on that news. But today, General Electric reported lower earnings, a little bit short of expectations and the market rallied, and so did GE. Go figure.
So let's say you're just one of those people that wouldn't be caught dead sitting with your laptop, drinking a latte in Starbucks. Just too yuppyish for you. There's now an alternative hangout you might find more comfortable while raising your cholesterol level at the same time. McDonald's - you know, the fast food joint - is testing wireless Internet access for its customers in 75 stores around the country. Big Mac - double espresso - what a choice!
And speaking of culinary preferences, next month Delta Airlines will be offering you a choice in meals - at a price. For anywhere from $2 to $10, you could scoff down fancy new food you haven't seen on a plane in a long time - unless you fly first class. Less waste, and you get what you want. Finally, a smart move by an airline. For KERA Marketplace Midday, I'm Maxine Shapiro.
Marketplace Midday Reports air on KERA 90.1 Monday - Friday at 1:04 p.m.
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