Retail offers measure of economy

This week, little economic news will be released for the markets. Investors have been scrutinizing economic data in recent weeks, attempting to determine how much the economy is cooling off. \nOne measure of the economy that might be looked at in the near future is retail sales. Friday's lines at the checkout counters might be a good indicator of how much consumers will spend this holiday season. Finally, the markets will still be looking for an resolution to the never-ending presidential election.\nInterest Rates\nDuring its meeting last week, the Federal Reserve announced that inflation, not recession, was still the economy's biggest threat. Many investors and analysts were hoping for a softer tone from the meeting. "You will see a better market when there is more visibility on a rate cut, but clearly we are not there yet," Tim Ghriskey, portfolio manager at Dreyfus Investments, said to CNBC. \nLast Week\nFriday, the Nasdaq Composite fell 4.71 points to finish at 3027.17. The Dow Jones Industrial Average lost 26.16 ending the week at 10629.87. The Nasdaq ended the week only 1.78 points below its closing level a week ago. The Dow ended the week up 26.92 points. "We're still in a volatile and vulnerable trading environment because there's still a possibility that the Nasdaq needs to retest its lows once again and that fourth-quarter earnings reports may contain more disappointments," Alan Ackerman, executive vice president and market strategist at Fahnestock & Co, told to The Wall Street Journal, "It's particularly difficult for traders or investors to take a stance."\nStock News\nBellSouth became the latest telecommunications company to release information stating its earnings growth would not match analysts' expectations. The company announced its bottom line would be affected by its plan to build DSL (digital subscriber lines) for residential customers. Many analysts were less than pleased, but some felt the DSL will be a good long-term move for the company. "It was a necessary investment that will probably pay off over time," said David Lefkowitz, an analyst at Credit Suisse Asset Management, in an interview with CNBC. \nHewlett-Packard released earnings of 41 cents per share Nov. 13, disappointing analysts who had been expecting the company to earn 51 cents, according to First Call. "We are pleased that revenue growth is accelerating, but very disappointed that we missed our EPS growth target this quarter due to the confluence of a number of issues that we now understand and are urgently addressing. I accept full responsibility for the shortfall," said Carly Fiorina, HP chairman, president and chief executive officer in a statement. Hewlett also announced that they had ended discussions aimed at acquiring PricewaterhouseCoopers' consulting business.\nFinal Note\nVolume on Wall Street should be light Friday, due to the shortened trading week. The markets will be closed Thursday and close at 1 p.m. Friday. Look for advancing stock prices if the election is decided this week.