Morning Stock Talk - Stone: Catastrophic economic news is hardly news anymore

Bill Stone, chief investment strategist at PNC Wealth Management tells Andrew O'Day today's employment and service sector reports confirm what everyone knows: Main Street is a world of pain. But Wall Street is not selling off today because "for at least the market side of things the fortunate part is, expectations are so low that when [reports] come in at low expectations it's typically not a shocker." Stone says doomsday expectations also will lend a hand next week when earnings reporting season begins. "For the first time since I can remember, literally every single sector in the S&P 500 is looking for down year-over-year earnings."

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Dow Jones' MarketWatch Morning Stock Talk discusses the big stock movers, economic data and investment trends with Wall Street's top analysts, strategists and traders. Hear about what's driving the stock market from those in the know..