From an interest rate standpoint, it's negative. On the other end, if the economy stays strong, corporate earnings will stay strong.
If the Asian crisis deepens, that simply means that corporate profits are going to suffer.
I think the market is now looking at earnings, ... I think we'll probably see earnings come in pretty good, but I think the market is also anticipating that corporate America will voice concerns about high energy costs.
I think you're seeing buying today because of anticipation ahead of some of the economic and corporate news due in the next two days, particularly Dell tomorrow.
We have the weapons inspectors returning, mixed corporate reports and no new economic news to focus on, so stocks are taking a little pause, ... The broader market is mixed to lower but is showing no great declines, while the techs continue to perform a little better.
UAL is certainly a negative for the market, but the news wasn't entirely unexpected. You're also seeing a combination of other negative corporate news and jitters ahead of tomorrow's November jobs number, despite the positive weekly numbers this morning.
Inflation will stay low. Interest rates will turn lower. Corporate earnings will continue to grow. And I think we can see the Dow by the first quarter of 1999 above 10,000.