Earnings are a short-term issue while deteriorating economy is a long-term issue. Short-term issues seem to be winning.. for now!
Profits buoy stocks but credit worries linger | News | Hot Stocks | Reuters: "Profits buoy stocks but credit worries linger
Thu Aug 2, 2007 1:16PM EDT
By Kristina Cooke
NEW YORK (Reuters) - Stocks rose on Thursday lifted by a fresh crop of strong earnings, but investors remained on edge after further signs of distress in the mortgage market.
Pharmacy chain CVS Caremark Corp. (CVS.N: Quote, Profile, Research) and MTV networks owner Viacom Inc. (VIA.N: Quote, Profile, Research) (VIAb.N: Quote, Profile, Research) were among companies that posted results that topped Wall Street's expectations, sending their shares higher.
But keeping gains in check was the latest development in the troubled mortgage market. Accredited Home Lenders Holding Co. (LEND.O: Quote, Profile, Research), a subprime lender in the process of being sold, raised concern about its ability to stay in business. Its shares sank almost 40 percent to $4.97 on the Nasdaq.
'The market is finding its footing after the big declines in the last couple of"
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