As hoped this week continues to deliver good economic news. Although Bank of America reported a first quarter profit of $4.2 billion the stock took a dive on the news that "deteriorating credit quality" would continue. But today was a new day.
Wall street managed to stage a come back late in the session. Tuesday stocks rebounded after yesterdays worries about the corporate results this week, but those were dissipated by renewed hopes that the financial sector is getting closer to stabilize. Tomorrow we will hear more about Wells Fargo's $3 billion profit.
Other good news today continues as Yahoo's new CEO Carol Bartz revealed how cost management will drive revenue in 2009. It also reported a first quarter profit that fell from last year at this time, but still managed to beat Wall Street's estimate.
Tomorrow we will hear financial firm Morgan Stanley (MS), which is expected to report before the bell.Other companies reporting in morning are: AT&T (T), Boeing (BA), and McDonald's (MCD). Apple will release results after closing.
Let's keep that good economic news coming. Remember: good news=good economy.
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