Cavuto credits Barron's article for uptick in market

Fox business anchor Nail Cavuto stated that the reason why the stock market rose earlier this week was an article in Barron’s stating that the Republicans would likely win a majority of the elections next month, according to Media Matters for America.

However, the author of the article, Washington bureau chief Jim McTague, stated that he didn’t think he could move markets.

Media Matters wrote, “On the October 23 edition of Fox News’ Your World, host Neil Cavuto stated that an October 23 report in Barron’s that predicted the GOP would retain control of both houses of Congress in the midterm elections was ‘a possible reason for the uptick’ in the stock market, after noting earlier in the program that the Dow Jones industrial average had topped 12,100. Cavuto then hosted the author of the report, Barron’s Washington bureau chief Jim McTague, who responded: ‘I didn’t know I could move markets.’ When asked by Cavuto about how Barron’s came to its conclusions, McTague declared: ‘[T]he numbers don’t lie,’ and later stated, ‘I was trying to take the emotion out of the prediction,’ rather than relying on ‘my gut’ like the ‘Sunday talk show’ pundits.

“Cavuto did not challenge McTague’s declarations by noting, as Media Matters for America documented, that Barron’s falsely suggested it has used a consistent methodology in predicting Republican victories in 2002, 2004, and now in 2006.”

Read more here.