Word: lynching
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Financials were among the worst performing sectors of the day, with bank stocks dropping more than 17% on average. Shares of Citigroup, Merrill Lynch, Bank of America and Wachovia all fell more than 20%, largely erasing last week's financial-stock rally. Shares of oil companies fell sharply as well on Monday, as the price of crude sank to $49.28 per barrel, a decline of more than 9%. (See the Top 10 Wall Street Meltdowns...
...safety of Treasury securities, where yields fell yet again. The yield on the 10-year note dropped to 2.748%. Ironically, many on Wall Street believe Treasury securities are no bargain, particularly after November's strong showing, when Treasuries delivered their best performance in more than 25 years. Merrill Lynch even issued a market report Monday morning noting that "Treasuries have moved into overvalued territory," yet added that it did not think the bull market in these securities would end anytime soon...
...right? I'd go with the locally based economists. While the U.S. fiscal package is unlikely to add even 1 percentage point to American growth, a recent report by Merrill Lynch estimates that the $600 billion stimulus Beijing unveiled in mid-November will likely add 3 percentage points. (And that was before China's provinces unveiled their own $1.4 trillion bailout plan, which depends on a massive infrastructure-building spree to boost the economy.) Such growth would be unachievable in other economies. But China remains a special mixture of raging capitalism resting on a foundation of state domination. "People...
...recent estimate by Merrill Lynch also expects a 3% point addition to growth next year. In other economies today, that kind of growth would be unachievable. Whatever stimulus package finally gets put in place in the U.S., for example, is unlikely to add even one percentage point fillip to growth. But China, as it has proved repeatedly over recent decades, is different. It remains a unique mixture of raging, visible capitalism resting on a foundation of state-owned enterprises, which, the Merrill report points out, still account for 33% of industrial production and 45% of investment in China's cities...
...score totaling over 60 points higher than the runner-up. “Zac Ranta is really stepping up in diving. He won both diving events and has been producing great results lately,” Diekema said. Other notable results during the meet came from co-captain Eric Lynch, who won the 500-yard freestyle event with a time of 4:32.51, and co-captain David Guernsey, who won the 100-yard freestyle event with a time of 46.93. Senior Bill Jones added a win in the 200-yard butterfly event with a time of 1:52.59, and junior...