The News is Always Good in Neil's World
Reported by Melanie - February 28, 2005
Ever eager to protect the Bush administration from any blowback for its handling of the economy, Neil Cavuto kept the bad news from his audience today (February 28, 2005) on Your World w/Neil Cavuto.
These were the primary forces driving Wall Street today:
Fresh worries about inflation arose after the Commerce Department's latest reading on consumer income and spending. Personal income fell less than expected in January, but spending was flat and core consumer prices rose 0.3 percent -- the fastest rate in more than three years.
Oil for April delivery rose as high as $52.28 a barrel in New York as a snowstorm approaching the U.S. Northeast may stoke heating-fuel demand. Prices ended up 0.5 percent at $51.75.
The U.S. dollar today fell to the lowest in almost seven weeks against the euro, heading for a sixth month of declines in the past seven. A weaker dollar reduces the value of U.S. assets for foreign investors.
Pharmaceutical and biotechnology stocks were hammered in early trading after Biogen Idec Inc. and Elan Corp. Plc announced they were voluntarily pulling their Tysabri multiple sclerosis drug from the market due to the death of a patient taking the drug.
Cavuto mentioned the Biogen news but the dollar, inflation, and oil?
Cavuto said the oil supply fears were a result of the situation in Lebanon. In an interview with Peter Brookes of the Heritage Foundation he said: "I know the read in the energy markets today was that Lebanon could be descending into civil war and hence the uptick in prices today." Lebanon isn't mentioned in the three articles referenced above nor was it mentioned in several other articles I read.
The falling dollar? Inflation? Nothing. Absolutely nothing.
Inform the viewer? Not on this show, the "most powerful name in business news." No, the goal is to make sure Bush looks good, no matter the "business news."
