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Weidner: No Major Market Gains In Near Future

The U.S.stock market re-opens this morning after four straight weeks of losses.

Traders remain concerned about the European debt situation and fears that the U.S. is headed toward another recession.

Wall Street Journal MarketWatch columnist David Weidner says don’t expect any major gains in the market over the next several weeks.

“There’s not a lot going to be happening in the near future, there’s no global conference, there’s no big meeting in the European Union, there’s nothing happening in Washington that’s going to turn things around. I think what investors should be looking at is the third quarter and that’s going to be October, earnings season will start,” he said.

“Basically, what’s been baked into the market right now is this idea is that corporate earnings will not be strong. The third quarter could change people’s opinion on that. If we see better than expected earnings, that could be enough to turn things around for investors and the stock market.”

Weidner made his remarks on WFPL’s State of the News program.

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Daniels Says Federal Rescue Plan "Beat Doing Nothing"

Indiana Governor Mitch Daniels says he believes the federal goverment made the best of a bad situation by attempting to rescue the nation’s financial sector with the $700 billion package approved by Congress last week.

Daniels, who led the White House Office of Management and Budget during President
Bush’s first term, says it will take some time for the plan to be effective.

Meanwhile, he says state governments will continue to struggle.

“In our four years we’ve never had great revenue growth, it’s been pretty modest, but you’ve got to have some, and so, yes, if it goes on like this, it will at least require the stretch out of some of the objectives i hope we can agree upon as Hoosiers,” Daniels said.

Daniels is seeking a second term as governor. The Republican faces opposition from Democrat Jill Long Thompson and Libertarian Andy Horning in next month’s general election.