Stocks advanced modestly on Friday, leaving the S&P 500 with slight gains in a volatile week as strong economic data overshadowed growth concerns in China and Europe and let investors discount the impact of expected government spending cuts.
Stocks opened sharply lower for the session as Asian factories slowed and European output fell, but most of the losses evaporated after a report showed manufacturing activity expanded last month at its fastest clip in 20 months.
Consumer sentiment also rose in February as Americans turned more optimistic about the job market.
Asia and Europe are getting shaky, American demand is about to take an $85 billion hit, but all this bad news is not enough to offset the good news — American manufacturing on the rise in response to growing consumer confidence. That’s what Republicans are crowing about today; saving you from headlines like this. Because, you know, President Obama’s stewardship of the economy is such a nightmare of incompetence, right?
European-style austerity is what’s called for here — and never mind that this austerity is what’s responsible for the European and Asian decline. That’s the new GOP way; attack demand wherever it rears its ugly head!
