Data, Confessions to Test Stocks

[salin]

Data, Confessions to Test Stocks

Sept. 21 — By Elizabeth Lazarowitz
NEW YORK (Reuters) - Expectations for a recovery in the economy and corporate profits have pushed stocks to multi-month highs. But those hopes will be put to the test this week as investors brace for fresh economic data and the start of the corporate "confession" season.

As the quarter draws to a close, clues to the health of third-quarter earnings will likely begin to trickle out of corporate America as companies scramble to adjust expectations ahead of the flood of quarterly earnings reports.

With many investors betting the end of the year will bring better economic times and the sharp run-up in stock prices since the spring, the market may be vulnerable to any bad news.

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The latest economic reports have been patchy, at best, and so investors will be eyeing a batch of reports due this week -- including durable goods figures, weekly jobless claims and home sales data -- for more hints about the strength of the rebound.

more: http://abcnews.go.com/wire/Business/reuters20030921_77.html