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...their gains--a trend that has helped sustain prosperity. But the "wealth effect"--the term economists use for the urge to splurge when we feel rich but to pull back when we feel poorer--could pound the economy if we see more days like last Tuesday, when the Dow Jones industrial average dropped 299 points. It was the Dow's third-largest single-day fall, though in percentage terms it was not among the 100 biggest drops. "People feel they've got so much money [in stocks] that they can go out and buy that new house or car," says...
Last week's turmoil on Wall Street was the latest in a summer-long slide that has knocked almost 740 points, or nearly 8%, off the Dow index since July 17, a decline that economists call a correction. (A 20% drop signals a "bear market.") But a deeper and quieter sort of stock decline has been under way much longer, particularly among smaller companies. For example, the Russell 2000 Index of small-capitalization stocks has fallen nearly 5% since January. Investors have been seeing these declines for some months in their brokerage statements. So as they survey the carnage...
...expansion rate for the rest of the year. The employment picture also looks bright. The Labor Department reported last week that the jobless rate held steady at 4.5% in July despite a strike at General Motors that forced factory shutdowns. And even with the summer swoon, the Dow closed last week at 8,598, up almost 9% for the year...
...With the Dow still dropping, traders will be watching the Export and Import Prices report tomorrow for confirmation of what we all suspect: that economic problems and weaker currencies in Asia are causing cheaper goods to flood into the U.S. while weakening the markets for domestic goods and services abroad...
...YORK: The Dow was up again on Wednesday morning. In Japan, the yen has stablilized. So your sagging portfolio is finally safe, right? Wrong. TIME Wall Street columnist Daniel Kadlec believes that the bargain-hunters who've been buying since Tuesday's nadir (which represented a 10 percent correction of the Dow's July high) will be disappointed with their purchases. "Just because the stocks are cheaper, doesn't mean they're cheap," he says. "According to fundamental measures, we're still in nosebleed territory. The markets are still in a lot of trouble...