The Coming Week: Old Enemies

The calendar is changing, but Wall Street's worry list remains the same.

Real estate is softening. Energy prices and interest rates are high, raising the specter of inflation. Consumer spending feels spotty. The trade and budget deficits are widening just as the baby boomers ponder retirement. Sound familiar?

If this year's denouement reminds you of last year's, then the stock market's tepid progress in 2005 makes sense. The S&P 500 finished the year with a gain of 3.2%; it barely beat the 4.4% yield offered on Treasuries when adjusted for dividends. The Dow Jones Industrial Average shed 0.4% before dividends in 2005, while the Nasdaq rose 1.5% ...