The First Look - Joanna Ossinger, Bloomberg News

Good morning and welcome to the financial exchange stay inside today it's a little bit cooler there and we've got lots of information to share with you. You know it looked like last week who's going to be a stinker of a week in terms of stock market returns. Saved by the bell on the last day of trading June apple would rally we had on Friday. I -- the parties will it was Friday the thirteenth so you thought maybe something bad would happen in an -- hey you know went the other way so yeah out triple digits. Over 200. On the Dow and a great weekend in or anybody can turn -- demographically. But when you bake it all in the week the Dow only for the week was up 44 four points that's it. So it's up about -- -- half percent since January 1. The NASDAQ even with the big rally on Friday still finished the week down 28 points the S&P was up two points. And the Russell 2000 was effectively I was down six points so. You know it was a mixed bag in terms of total return but. The Dow year to date up four point 6% and the NASDAQ year to date up eleven point 6%. Let's go do what new York and talked to Joanna she might be able to give us an idea as to what inspired that big rally on Friday to win our singer from Bloomberg television joins us. Two and a welcome to the show hurry -- So well what do you think what was the big get inspiration on Friday that -- stocks higher by 200 points. Some of it was just bounce back what has looked like a pretty bad read that then and you've had a little bit more optimism about Europe and people were looking forward -- that weekend and there -- a lot of different things in there. Michigan consumer sentiment wasn't quite as bad as some people it -- Of course we has retail sales stated today that it may elect Mike can they aren't aren't doing so well but it was just kind of things came together -- And the market a lot higher. Now I was watching your co worker Don choose this morning report on the city bank earnings -- you had a chance to look through any of those financial reports yet it looks like they had. A stronger than expected quarter in their stock is trading up three point 8% in the premarket. Yes people like what they thought from city very. -- profit into dropped 12%. But it was better than expected like is that course they miss on revenue a little bit. But it revenue from advising clients on and -- home. If things a little bit they did have declines in trading in talks in they're suffering a little bit from the sovereign debt crisis. They're saying are more concerned about Europe and China but overall market like that. -- in -- -- interesting about city is their only about a third of their revenue comes from the United States there are real global banker. So -- see them. Beat at all by I was pleasantly surprised by that I thought that bode well for the market until I saw your retail sales report that's down for the third month in a -- that was not healthy. That wasn't and today it's down point 5% but it's worse than any analysts had expected. We're expecting a -- that point -- percent and that's just showing that consumers are pulling back a little bit there's still nervous about the economy's still nervous that. And given some of the other consumer numbers we've seen it's seventy. And he percent of the GDP that I -- it's going to be tough for us it maintains GDP growth as -- -- cameras -- You know if they're -- analyst reports this morning and economist reports this morning on Bloomberg and another. Financial networks suggesting. That we are now in a recession and that we are headed into another. -- where he -- a recession now or headed into another recession. As we enter the last. Half of 2012. Does that retail sales number affirm that does that mean that it is you know when -- retail sales down dramatically three months in a row. That means the consumers tucked it away there wallet they're not spending they're not buying new cars are not going out to dinner they're not going shopping. I mean this is this retail sales number is probably an arguably the most important economic data we're gonna get for the week. Exactly and so it is. Unnerving of course we have a Consumer Price Index it tomorrow -- -- -- prices that prisoner that's another big one but. It it is very concerning of course we need a few months. Together at this stage that we're actually in her past but here I'll give you the right side as this which is that. In the past couple of years we have seen a pattern where there is weakness that year and then the market really rallied into the and and people feel better about things toward the end of the year. So if we continue that pattern it and not the other side of things that we -- get -- where. The weakness bleeds into the rise but it right now it is now looking that good. No it sure isn't Joanna thank you very much and thanks for your insights we appreciate it. Happy Monday to use that's to win not singer joining us today from Bloomberg. And June this is a busy week as I promised this is a big week for earnings we had lots of burning city was the biggest earnings report for the day. But to moral. We're gonna have -- get a list of these companies Coca coal Goldman Sachs Intel Johnson and Johnson and State Street. That's a lot of those a day on its backup and that's Baltimore and the week every day of the week it just kind of ramps up as we go through the week I'd say the big daddy of them all is going to be on Thursday Google Microsoft -- more Union Pacific UnitedHealth. And Verizon all in the same day. Is there a chance that they could be flat on May be you know little on the uneventful side here or earning season is the best time me this is better than Christmas -- it's like. Every day it's like opening up the new principal estranged time right now so I'm just wondering. You know where this could go well it won't always be a nice present.