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Recession Fears Hit Home as World Markets Plummet and U.S. Economy Contracts
Fear of a global recession is quickly becoming reality as world markets have lost $10 trillion in value in the month of October and the U.S. economy almost certainly contracted in the third quarter.
“The growing reality is that this is not just a slowdown, but a true recession,” Joel Naroff, president and chief economist of Naroff Economic Advisors told Money Morning Friday. “Europe and Asia can no longer deny U.S. problems are also hitting there.”
Friday was the 79th anniversary of 1929’s “Black Thursday,” when U.S. stocks were decimated at the start of the Great Depression. And while U.S. markets weren’t quite as…
27Oct2008 | Money Morning | Comments Off | ContinuedCredit Crisis Update: U.S. Stocks Notch Record Gains on Investor Hopes for a New Bailout Plan
U.S. stocks soared yesterday (Tuesday) – with the Dow Jones Industrial Average gaining 485 points in posting its third-biggest point gain ever – as investors surged back into stocks just one day after the surprise rejection of a $700 billion bailout plan touched off a record sell-off.
On Monday, after the House of Representatives refused to approve the compromise bailout accord, the Dow Jones plunged nearly 778 points – for its biggest point drop ever – as $1.2 trillion in shareholder wealth was eradicated from U.S. shares. The Standard & Poor’s 500 Index dove 8.79%, incurring its biggest loss since the 1987 stock market…
1Oct2008 | Managing Money | Comments Off | Continued
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