Word: selloff
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...first, the losses did not really unnerve muni investors because they stemmed from a special problem relating to muni bond insurers, such as MBIA, which ran into financial difficulty. For that reason, many analysts and investors saw that early selloff in munis as a buying opportunity. The insurers may be in trouble, the thinking went, but municipalities were still able to raise taxes, or tolls, if they ever got into a crunch...
...after the dot-com bubble burst. Since the announcement did not come as a 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...
...afford to. China has bought up some $1 trillion in U.S. debt, making it a major financier to the American credit binge. There have been longstanding fears that Beijing would at some point stop buying U.S. Treasury securities. That is unlikely because it could spark a selloff that would cause the U.S. dollar to plunge in value, eroding China's huge dollar holdings. Besides, China is still earning billions a day through its exports and "has to do something with the money," says one senior Beijing economist who asked not to be named. He and others note that a sudden...
Investors and money managers in Asia were relieved yesterday after the 7% plunge in the Dow Jones Industrial Average, which marked the largest one-day points drop in Wall Street history, did not ignite a calamitous selloff on Asian markets. There was some damage after Washington failed to pass a $700 billion bailout plan for the U.S. financial system, the catalyst for Wall Street's plunge. Japan's Nikkei Index fell 4.1% on Sept. 30; after declining in early trading, stocks in China and Hong Kong eked out small gains. "The reaction was not as bad as I had feared...
...China's selloff came as stocks there moved off record highs amid fears that Beijing might raise interest rates to slow economic growth. It came at a time when the U.S. markets were ripe for a correction: analysts noted that the Dow has not dropped by as much as 2% in more than 120 trading days...