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Cramer on Top Searched Stocks: Citi
05/12/08 - 01:30 PM EDT
Updated from 10:00 a.m. EDT Wall Street dipped on Friday as investors continued to grapple with surging oil prices, some mediocre earnings reports and this upcoming week's economic data. Crude oil surged to $126 a barrel, and oil bulls and bears are still making their case, thus leaving investors uneasy about this market's direction. Many market pundits are also awaiting data that will reveal whether we are going to get a boost from the tax rebates currently being sent out by the federal government. Much of this week's data, including retail sales, will give us some clues as to whether we will see a boost. While Friday's earnings news, including weak reports from AIG AIG and Clear Channel Communications CCU, didn't help much, this week's earnings reports will certainly dictate a lot about the consumer as well as the market. Several big retailers -- Wal-Mart WMT, Macy's M, J.C. Penney JCP -- release their first-quarter results, along with outlooks for later in the year. The market continues to be choppy, unable to hold a move in either direction. This market is still waiting for any major news to confirm the next move.
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