Stocks Add Gains Despite Gloomy Economic Reports (T, WMT)

Stocks add gains on the second day of the week despite a flurry of unappealing economic reports. It appears the housing double dip is worsening, according to officials, putting continued economic recovery in harm’s way. Federal Reserve Governer James Bullard hinted that QE2 may be cut short soon, sending the US dollar hire. AND there has been little, if any, progress at Fukushima recently. In domestic news, the New York Attorney General plans to review AT&T’s (T) purchase of T-Mobile. The 10+ year old gender discrimination case against Wal-Mart (WMT) has reached the Supreme Court, it’s last hope of success.

Word on the Street

• The telecom and energy sectors help stocks finish with gains.
• New York Attorney General will review AT&T’s (T) acquisition of competitor T-Mobile.
• Supreme Court hears arguments in Wal-Mart (WMT) gender discrimination case.
• Japan plans to review their nuclear policies in the wake of the Fukushima disaster.
• British Petroleum (BP) executive says the company has spent $19 billion on the oil spill.
• Investors see drop in home prices as potential sign of a double dip recession.
• Shares of Eastman Kodak (EK) have seen an uptick in recent days as their patent infringement lawsuit against Apple (AAPL) and Research in Motion (RIMM) gains steam.

Interesting Tidbits

• A one-time industry giant can go from invincible to mortal before your eyes – prepare yourself for the possibility.
• Is the recent upswing in entrepreneurs creating a saturated market?
• Or maybe the market isn’t saturated, there’s just a barrier to successful entrepreneurship.

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