Wall Street, tripping over its shoelaces for the past two weeks, hasn't been paying attention to what's important:
The economy — supported by solid business and consumer spending — grew in the closing three months of 2004 at an annual rate of 3.8 percent. It's expected to perform even better in the opening quarter of this year. The reading on the gross domestic product, released by the Commerce Department on Wednesday, turned out to be the same as a previous estimate made a month ago. ...For the current January-to March quarter, the economy is expected to grow at a rate of around 4 percent or slightly faster, according to some analysts' projections. Economic growth probably will slow a bit in the April-to-June period but still be healthy, they said.
Gasoline prices, the Beltway's host of wrathful demigods, are nowhere near the peak reached in 1981. Fifteen minutes before the opening bell, futures are up — as well they should be. "Lose faith in the economy? No, no; I was profit-taking!"