After Market's Disastrous Day, AP Makes Several Wishful Assertions

Tom Blumer
August 21st, 2015 11:47 PM
Tonight's report at the Associated Press in the wake of Wall Street's disastrous day isn't quite an Animal House moment — "Remain Calm! All Is Well!" — but it's more than fair to say that the wire service's Matthew Craft and Bernard Condon allowed quite a bit of wishful thinking into their writeup. In late June, I noted that the AP's Ken Sweet asked a very important question about China ("IS…
 

CNNMoney.com Email, AP Ascribe Less Than 0.1% Stock Market Advance As

Tom Blumer
August 29th, 2012 7:04 PM
Today, per Nasdaq.com, the Dow Jones Industrial Average rose by 4.49 points to 13107.48, the S&P 500 went up 1.19 points to 1410.49, and the NASDAQ gained 4.05 points to close at 3081.19.  The average of the three gains is less than 0.1%. That didn't stop the disseminators of CNN Money's email at the close of business from interpreting the result as being due to "signs of stronger U.S.…
 

Oops: AP Says GDP Report Was Causing Stock Market Rise in AM, Quietly

Tom Blumer
January 29th, 2011 8:35 AM
It seems that Associated Press Business Writer David K. Randall made a bad call yesterday. But he only has himself to blame for engaging in what he should have known was wishful thinking. Shortly after the government's report on economic growth during the fourth quarter of 2010 came in with an annualized 3.2% reading, Randall put out this this short report: Stocks edge up after stronger…
 

In Denial: AP Report Dodges Obvious Potential Reasons For Friday Dive

Tom Blumer
November 14th, 2010 11:02 AM
When you increase demand for something, its price should go up. In the case of bonds, if the demand for them increases, their price should go up, and their effective interest-rate yield should go down. That didn't happen on Friday when the Federal Reserve began executing its second round of "money from nothing" quantitative easing. Even though the Fed increased demand, bond prices went down…