Word: dows
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...news was so bad that Bush was hardly in a mood to kid around. The nation's unemployment rate, which had remained steady--and low--while other indicators turned bleak, leaped to 4.9% on Friday, its highest level in four years. Wall Street was raining red arrows as the Dow lost 427 points in just two days--3.5% for the week--while the NASDAQ fell 6.5%. At a noon meeting in chief of staff Andy Card's office, top Bush aides decided to clear the President's afternoon schedule and dispatched him, grim faced, to the South Lawn...
...economy, indeed. With Wall Street still checking its systems, assessing its structures and finding places to put its emotions, the Dow and NASDAQ will let another three days pass before returning Monday morning to the business of buys and sells, puts and calls, fear and optimism. Only then will the American economic world start to spin again in earnest...
...York Stock Exchange, home of the Dow, business is still conducted by people. Thousands of (mostly) men in suits, men waving slips of paper and shouting at what they like to call the Big Board, and the place they commute to in downtown New York is still a post-apocalyptic crime scene, still a place where rescue workers dig for miracles with masks over their noses and mouths. Not yet a place to go to work; not yet a place to begin trading on a tragedy that robbed New York?s financial-services salarymen of thousands of their closest friends...
...Unlikely, and quite possibly unwise. Certainly a significant selloff awaits the Dow and NASDAQ whenever they reopen, and a significant selloff is certainly warranted, considering the real impact of the catastrophes on industries like insurance, airlines and financial services, to name but a few. (One early estimate by Moody?s has the damage bill at $10-15 billion...
...Trent Lott, Dennis Hastert and the Republicans in Congress want an emergency cut in the capital-gains tax - the tax levied on profit-making investment transactions - to get Wall Street churning again. And aside from the fact that profit-making investments aren't exactly common in these dour Dow days, it might work - such a cut would likely encourage some investors to liquidate some investments to free up spending cash. And a flurry of selling - just what Wall Street needs, more selling - could indeed send some tax-receipt cash back to Washington in a hurry...