Real Story: Fed Fallout - TheStreet

Wednesday's action was evidence the stock market really hasn't absorbed the message of Friday's jobs data,

TheStreet.com's

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

FOMC

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."

While the

Dow

,

S&P

and

Nasdaq

each fell 0.7% Wednesday, the reaction in Treasuries was relatively tame.

Task's first guest, Cody Willard of CL Willard Capital and

RealMoney.com

, previewed

Research In Motion's

( RIMM) earnings, which after the close proved disappointing. Willard and Task also discussed recent headlines from

Yahoo!

(YHOO)

, 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

Google

(GOOG) - Get Report

in search and

Apple

(AAPL) - Get Report

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

Tata Motors

(TTM) - Get Report

,

Allstate

(ALS)

and other potential hurricane-season beneficiaries.

In the remainder of the podcast, Task discussed the day's corporate news, including buyout speculation surrounding

Gold Fields

(GFI) - Get Report

and

Manor Care

( HCR); and strength in apparel retailers

Gap

(GPS) - Get Report

and

Chico's

(CHS) - Get Report

.

Task also reviewed earnings news from

Genentech

( DNA), and the latest drama in other biotech names like

Dendreon

(DNDN)

and

Cell Therapeutics

(CTIC) - Get Report

, saying biotech stocks are the "dot-coms of the current era."

Click

here to listen to the entire podcast.