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Business may pick up as the holiday draws nearer and memories of Black Monday grow fuzzier. But consumer confidence is getting no boost right now from the stock market. The Dow Jones industrial average took several dizzying downward steps last week, including a 76.93-point drop on Monday that ranked as the eighth largest one-day fall ever. For the week, it tumbled 143.74 points to close at 1766.74. The Dow is now just 28 points above its Oct. 19 nadir, and broader indexes of U.S. stocks are performing even worse. Shares on the American Exchange and over-the-counter...
...first half-hour at the exchange, trading stops on all but three of the 250 listed Japanese stocks. "I've never seen anything like this," complains a trader. A downward spiral does not stop until 14.9% is chopped off the value ( of the Nikkei index. It is the worst one-day fall ever, eclipsing the 10% drop set off by the 1953 death of Joseph Stalin...
...budget critics, Peterson advocates a so-called means test to make sure that such benefits as Social Security and Medicare go only to those who really need them. The number of senior citizens, for example, has grown significantly in recent years, but the group's poverty rate is edging downward (from 13.9% in 1978 to 12.4% last year). One type of means test would cut off benefits for recipients above a certain income level. "There's a big distinction between entitlements for poor people and entitlements for everybody," says Ruben Mettler, chairman of TRW. Another suggested method to get entitlement...
Traders said there were increasing signs that confidence was returning to Wall Street in the aftermath of last week's historic plunge, although many cautioned the market could resume its downward trek...
Another structural flaw that tends to undermine competitiveness is the U.S. Government's heavy borrowing. Though Congress has finally put the federal deficit on a downward path, from a record $221 billion in fiscal 1986 to an estimated $157 billion this year, the shortfall is still large enough to keep U.S. interest rates high in comparison with those of other industrial countries. The steep cost of loans, in turn, tends to discourage corporations from borrowing to make long-term improvements in plants and equipment...