Wall Street's worrisome week
Stock investors are likely to spend the first week of the second quarter much like they spent the last week of the first quarter - caught between competing influences.
By Alexandra Twin, CNNMoney.com senior writer
April 1 2007: 1:04 PM EDT
NEW YORK (CNNMoney.com) -- Wall Street ended a bumpy first quarter with a thud last week and is bound to start the second one in a similar fashion--with Iran, China, and mostly the U.S. economy in focus.
Stocks slumped last week after reports showed a big decline in new home sales and weaker consumer confidence. Then Federal Reserve Chairman Ben Bernanke told Congress that the economic outlook has become more uncertain lately.
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Chairman Ben Bernanke tells Congress the Fed's policy is still focused on controlling inflation.
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CNNMoney's Allen Wastler explains how tensions with Iran affect the oil markets.
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After that, investors weren't terribly receptive to the end of the week economic news, including stronger than expected reads on fourth-quarter GDP growth and manufacturing.
Stocks are likely to follow the trend of the economic news in the week ahead too, said Donald Selkin, director of research at Joseph Stevens.
"The earnings don't really start until later in April, so next week you'll continue to see the market sensitive to the economic reports," Selkin said.
Reports on manufacturing, auto sales, factory orders and the services sector of the economy dominate the early part of the week. Meanwhile, what is likely the most crucial report ...