Ahead-Stocks to Sing Accounting Blues: **Wall Street**
Signs that the U.S. economy is making a comeback could offer the stock market a pick-me-up with a slew of economic data set for release and a speech on the economy by the nation's top central banker on tap.
But it won't be enough to lift the gloom now gripping investors with no relief in sight from the nagging worries about dubious bookkeeping and mounting debt in the U.S. telecom sector that have been plaguing stocks for weeks, analysts said.
"The unfortunate thing for the Bull (market) case right now is that the economy is probably out of recession, but now this accounting cloud is really holding things back," said Nat Paull, portfolio manager at new Amsterdam partners, which oversees about $1 billion.
Investors will be awaiting confirmation that the U.S. economy grew faster than previously reported at the end of last year, with fourth-quarter U.S. gross domestic product data due early next week.
Earnings news is likely to take a back seat to other issues, although investors will be tuned in for results from retailers like GAP Inc., Home Depot Inc., Lowe's Cos., Target Corp. and Federated Department Stores Inc.