• 658 days Will The ECB Continue To Hike Rates?
  • 658 days Forbes: Aramco Remains Largest Company In The Middle East
  • 660 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,059 days Could Crypto Overtake Traditional Investment?
  • 1,064 days Americans Still Quitting Jobs At Record Pace
  • 1,066 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,069 days Is The Dollar Too Strong?
  • 1,070 days Big Tech Disappoints Investors on Earnings Calls
  • 1,070 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,072 days China Is Quietly Trying To Distance Itself From Russia
  • 1,072 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,076 days Crypto Investors Won Big In 2021
  • 1,077 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,077 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,080 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,080 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,083 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,084 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,084 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,086 days Are NFTs About To Take Over Gaming?
  1. Home
  2. Markets
  3. Other

Good News - Bad News

"If you don't read the newspaper you are uninformed, if you do read the newspaper you are misinformed." - Mark Twain

Monday was a tough day for the financial press, as most volatile days are. These headlines are from AP (via Yahoo.com) after the mid-day reversal:

Which is it? Did "Housing Woes Buoy Wall Street" or did "Weak Housing Market Scares Away Buyers"? Neither, market activity created both stories, and it's a sure bet that housing data had nothing to do with Monday's market action.

The financial reporters have it backwards, and run around finding reasons why the market is up or down. They feel compelled to match a news story to market activity.

AP/Yahoo are not alone. Television and radio carry similar stories, and embellish them with bylines like "everything you need to know" or "we'll tell you why."

Reporters should stick to reporting - report market action, and report the news, but don't credit a popular story with creating the market.

I wonder what Mark Twain would think of the internet?

 

Back to homepage

Leave a comment

Leave a comment