The U.S.stock market re-opens this morning after four straight weeks of losses. Traders remain concerned about the European debt situation and fears that the U.S. is headed toward another recession. Wall Street Journal MarketWatch columnist David Weidner says don’t expect any major gains in the market over the next several weeks.
“There’s not a lot going to be happening in the near future, there’s no global conference, there’s no big meeting in the European Union, there’s nothing happening in Washington that’s going to turn things around. I think what investors should be looking at is the third quarter and that’s going to be October, earnings season will start,” he said.
“Basically, what’s been baked into the market right now is this idea is that corporate earnings will not be strong. The third quarter could change people’s opinion on that. If we see better than expected earnings, that could be enough to turn things around for investors and the stock market.”
Weidner made his remarks on WFPL’s State of the News program.