Wednesday's action was evidence the stock market really hasn't absorbed the message of Friday's jobs data,
editor-at-large says on Wednesday's
The Real Story podcast.
While the stock market was closed in observance of Good Friday, the Treasury market was open a half day and had an opportunity to react to the stronger-than-expected payroll report. Rather than react to the data, stock traders, it seemed, preferred to wait for Wednesday's release of the March
minutes, Task says.
That may explain why major averages had a more dramatic reaction Wednesday when the Fed minutes revealed: "Most participants continued to expect that core inflation would slow gradually, but the recent readings on inflation and productivity growth, along with higher energy prices, had increased the odds that inflation would fail to moderate as expected; that risk remained the Committee's predominant concern."
each fell 0.7% Wednesday, the reaction in Treasuries was relatively tame.
Task's first guest, Cody Willard of CL Willard Capital and
Research In Motion's
( RIMM) earnings, which after the close proved disappointing. Willard and Task also discussed recent headlines from
, whose stock has had a somewhat stealth rally in the past three to six months.
Willard says that rally may be coming to a close -- and Yahoo! did slide 1.6% Wednesday -- as investors realize it faces competition from industry titans
in search and
in the digital music space. (The entire interview can be
viewed here at TheStreet.com TV.)
Task also welcomed David Peltier to the show for their weekly "Should I Do It?" segment, in which they take listeners' emails about specific stocks. Wednesday's segment featured
and other potential hurricane-season beneficiaries.
In the remainder of the podcast, Task discussed the day's corporate news, including buyout speculation surrounding
( HCR); and strength in apparel retailers
Task also reviewed earnings news from
( DNA), and the latest drama in other biotech names like
, saying biotech stocks are the "dot-coms of the current era."
here to listen to the entire podcast.