Some of the nation's top retailers are spreading concerns that sales may be lower than what Wall Street is expecting.
Today, Federated Department Stores (FD- will change name to Macy's under the new symbol-M) warned that Q1 sales will be at the low end of analysts expectations. Wal-Mart (WMT), the nation's largest retailer, said "April will be a difficult month".
This morning, the Labor Department reported that new claims for unemployment benefits rose last week to the highest level in two months. The unemployment number is a volatile one, but new claims for jobless benefits came in at 342,000 last week.
Yesterday, the FOMC released the minutes from from its last meeting, and the fed said it is still concerned enough about inflation that it won't rule out further interest rate hikes.
The European Central Bank left interest rates unchanged today at 3.75%, but hinted that rates will rise to 4% in June. The euro dipped slightly against the dollar on the news.
On the oil front, prices rose just shy of $63/bbl after gasoline inventories showed a larger than expected drawdown in reserves.
And finally, Gerber baby food is being sold to Nestle for $5.5 billion in cash.
On the social scene,
Don Imus was fired by MSNBC.
The charges against the Duke LaCrosse boys were dropped. Still no signs of Jesse Jackson or Al Sharpton appologizing to these kids.
The North Carolina Attorney General said that the three Duke players who faced sexual assault charges are "innocent". He also said, that the "cases were the result of a tragic rush to accuse".
While all of these events are taking place, rappers continue to be allowed to fill the minds of our youth with vulgar idea's.
Oh, by the way, rapper Snoop Dog, who has been arrested several times, was given probation after being arrested for guns and drugs.
Here are the lyrics from SNOOP's song (?) "Gangb*****- website It is rather disgusting, but this is what kids are listening to. What a shame.
And add to the list ads on primetime TV for Viagra, Celais, KY Jelly, and Valtrex, you can only guess what our nation has become.
