Financial market participants actually paid attention to the economic data released last week – despite the fact that it was the peak week for Q2 2008 earnings reports. Their reaction to the data was just as volatile as the year thus far – near panic on Thursday as the market digested a big jump in jobless claims and a weak reading on existing home sales, and near euphoria on the much better than expected durable goods, new home sales and consumer sentiment data released on Friday.

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