Monday, August 1, 2011

Washington Post has a hard time reading stock tables

I guess the Washington Post is solidly behind the new debt ceiling deal, posting a story about how European and Asian stock markets rallied today.

"European markets also jumped on the news of the U.S. debt deal, with early gains in key indexes in London, Paris and Frankfurt," the WaPo reported.

Well, I guess someone needs to be taught how to use the Internet. Here is what the NYT says happened to European markets today:

FTSE 100 - UK -4.76 or 0.70%
DAX - Germany -204.79 or 2.86%
CAC 40 France -83.23 or 2.27%

Oh, well just because the basic premise of the story is wrong doesn't make the story completely wrong, does it?

The fact is, as I wrote last week, trying to come up with reasons why the market go up and down on a given day is near impossible. While it is true that Asian markets went up today, it was certainly more out of relief. As for Europe, their markets went down following bad economic news. One could guess that investors are more than a bit concerned that further austerity, lumped on top of an already slow economy, will hardly lead to growth.

But who knows, tomorrow the market could skyrocket...and Asian markets could fall. In the meantime, the editors at the Post should consider the merits of rewrites.