Word: dowe
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...surprise—many economists have been warning of a recession for months—Poterba said he thought that the psychological consequences of the official declaration would be modest. Though there was a broad selloff in the stock market yesterday, including a nearly 700 point decline in the Dow Jones Industrial Average, Harvard Kennedy School professor Jeffrey A. Frankel, who is also on the committee, said that he does not think the announcement was responsible. Though the committee does not recommend steps to pull the nation out of the recession, Poterba, Frankel, and committee member Robert E. Hall...
...recession was formally declared, investors cast their vote that economic recovery was nowhere in sight. All broad stock market indexes dropped sharply, with the steepest thrusts coming at the end of the trading day. The Dow ended Monday's session down 679.95 points or 7.7%, one of its worst days in recent months. Other broad market gauges took even steeper dives, with the Standard & Poor's 500, which includes financial stocks, falling 9.93%. The S&P 500 is now down...
...marketing the containers via Tupperware "parties" where salespeople could demonstrate the distinctive "burp" that guaranteed longer lives for leftovers. (Tupperware was a roaring success; Tupper sold the company for $9 million in 1958.) For Americans who didn't want to purchase an entire line of pastel plastic containers, Dow Chemical started selling Saran Wrap in 1953, and Ziploc storage bags...
...course, that doesn't mean the market won't keep falling, getting even cheaper. For the global market, as measured by the MSCI World Index, to hit the valuation it did in the 1981 recession, stock prices would need to fall an additional 40%. (See the Top 10 Dow Jones drops...
...course, that is probably a good thing. Geithner has been in the middle of efforts to mitigate the financial crisis since it began in August 2007, and he is likely to be welcomed in Capitol Hill confirmation hearings as warmly as he was on Wall Street today, where the Dow industrials rallied nearly 500 points on news of his nomination. He does carry the baggage, however, of the still unsuccessful Bush Administration's attempts to halt the crisis. (See the Top 10 Dow Jones drops...