Stephen Wood Quotations

Business activity in the services and construction sectors has been accelerating in recent months and is now growing quite quickly, providing momentum for the economy coming into 2005.

We're probably much more likely to be trading closer with the dollar. There may be some intervention that's coming, which is what the market is looking for, but it's obviously one of those things that we won't know about until it happens.

When you see big chunks get purchased by corporate officers, that historically has been a very bullish signal,

The rebounding dollar-yen is helping give a lift to the bond market. People are taking some comfort from the fact that it appears officials will act to keep the yen from rising too much, and the fact that there's less anticipation of an Oct. 5 rate hike.

The rebounding dollar-yen is helping give a lift to the bond market, ... People are taking some comfort from the fact that it appears officials will act to keep the yen from rising too much, and the fact that there's less anticipation of an Oct. 5 rate hike.

Both the U.S. and Japan realize that it's not in Japan's economic interest to have a stronger yen, and they don't need anything that could potentially short-circuit that. It's probably the case that the U.S. will be willing to help them out a bit, which is what the market will be looking for.

With higher energy prices, the absence of fiscal stimulus, sluggish job creation and some moderation in Chinese growth, the Fed is probably closer to being done than it thinks.

Better weather and larger tax refunds are fighting with slow growth in jobs and wage income to determine the strength of consumer spending. Right now, it's about a tie.

These data continue to suggest that labor market conditions are much more robust that recent payroll employment and help-wanted reports have indicated.

This is taking dollars from Wal-Mart and giving it to Shell. It's shifting the money. It's not increasing inflation.

This anemic rise at the end of the third quarter suggests that consumer spending will rise much more slowly in the fourth quarter,

Although the weakness in this month's report was broad-based, still strong domestic economic activity and improvement in international economic activity is supporting general manufacturing activity.

There's a convergence between three major sectors: personal computing, consumer electronics and cell phones.

It's not just one or two things working and everything else not working. It's an all-cap, all-style, broad market rally.

The (Federal Open Market) Committee will more than likely remain on hold, unless economic developments force its hand.

In the past five years, value has done OK, but the real story is that growth has been getting clobbered, We don't think growth will roll over and go belly up. Once a style comes into favor, it tends to stay there for years. You just had the fifth year of a value cycle. Do you get a sixth year? You could. But I'm not convinced we'll see it.

The earnings environment still looks strong. The values that we're looking at for the economy and earnings -- all the good news that exists in stocks -- has not been reflected in prices yet.