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US Stocks Fall as China Raises Borrowing Costs : "US stocks fell on concern global economic growth will slow after China raised its benchmark lending rate for the first time in nine years. Shares of raw-material producers such as Alcoa led the drop.”
"In stock specific news, XOM is set to open lower after a disappointing earnings report even though earnings grew 75%."
These sound like this morning’s headlines, right? Actually it’s a summary of market headlines from October 28, 2004, the last time China unexpectedly raised its interest rates and XOM reported 3rd quarter '04 results.
It is very interesting to learn that when everyone expected XOM to earn billions of dollars, it came down but the stock wasn't punished.
I guess the market is on a bullish trend.
Posted by: Siva Nara | April 27, 2006 at 02:04 PM