Biz Watch

Is the Recovery for Real?
With the world focusing on droopy consumer confidence and sluggish economic growth, it's easy to overlook the fact that global stock markets have quietly risen over 20% since March 11. What does that mean? Bank of America strategist Lorenzo Codogno believes that while most of us look backward at last quarter's growth, the market is telling us what lies around the bend. "The stock market essentially anticipates the economic situation by three or four quarters," he says. "Right now it is pricing in a recovery for next year."...