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Global Sell-Off Takes a Toll on U.S. Equities
U.S. markets tumbled Friday as a global sell-off spread from Asia and Europe, as fears of a worldwide recession intensified.
At the New York close on Friday, the blue-chip Dow Jones Industrial Average Index had plunged 312.62 points (-3.6%), to trade at 8,378.63. The tech-laden Nasdaq Composite Index shed 51.88 points (-3.23%), to reach 1,562.03. And the broader Standard & Poor’s 500 Index dropped 31.45 points (-3.46%), to hit 876.66.
“It’s a bear market on steroids,” David King, a money manager at Putnam Investments, who helps manage about $137 billion, told Bloomberg Television. “It’s very accelerated by the pace of financial markets today.”
Prior…
27Oct2008 | Money Morning | Comments Off | ContinuedWeak Labor Market and Slowing Retail Sales Put U.S. Stocks in a Tailspin
The U.S. markets took a beating yesterday (Thursday) as retail sales sputtered and jobless claims surged.
At the New York close, the blue-chip Dow Jones Industrial Average Index had posted a loss of 344.65 points (-2.99%), to trade at 11,188.23. The tech-laden Nasdaq Composite Index dropped 74.69 points (-3.20%), to reach 2,259.04. And the broader Standard & Poor’s 500 Index lost 38.16 points (-2.99%), to settle at 1,236.82.
Disappointing August retail sales reinforced that the surprising 3.3% boost in U.S. gross domestic product (GDP) in the second quarter, due in large part to the government’s stimulus checks, won’t be repeated in the…
5Sep2008 | Money Morning | Comments Off | ContinuedA Supersized Transfer of Wealth
U.S. markets were closed on Friday…
…Still, the world did not stand still so Americans could enjoy their fireworks and hotdogs.
“Americans are so nice…so positive. I always like going back to the United States.” This was the word from Elizabeth, who just returned from the Land of the Free this morning.
“When you live in France you forget how nice strangers can be. But it is amazing how big people have gotten.”
(Being “nice” is something Americans strive to be; it is not something the French care about particularly. Instead, on the surface, the French are “correct” or polite. Later, you find that they…
8Jul2008 | Daily Reckoning | Comments Off | Continued
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