Word: selloff
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...Aside from the potential of a shiny new bauble in Comcast's hostile $44.5 billion bid for AT&T Broadband, Wall Street has very little reason not to continue cashing in its chips this week. Friday's hefty selloff occurred in a complete optimism vacuum - why buy when unemployment is up, when the dollar won't quit, and when there's naught but dire second-quarter profit warnings in the air? And the bargain-hunters, as a crowd, are a long way from feeling bold enough to rush...
...Wall Street took its first Dow-NASDAQ nosedive in seven sessions Wednesday as the news of Jeffords' defection crystallized; Thursday morning, after the Vermonter's official announcement, the selloff continued. However, it's neither major or endemic, and if it sticks it'll be for different reasons than the state of the Senate - like maybe that stocks' recent rise has been too peppy to last. But for the businesses that found the Bush agenda to be a lot like their own, the news that Tom Daschle is now in charge of the Senate to-do list can't be heartening...
Earnings worries, euro worries, Greenspan worries - they've been dragging the Dow and NADSAQ down, session by session, doldrum by doldrum, for weeks. But throw in some Gulf War flashbacks, and you've got a real live selloff...
...highly unusual show of fiscal solidarity, the U.S. Treasury today launched a selloff of its own currency, hoping that driving down the dollar would arrest the fall of the yen. "The Japanese recession has set off alarm bells in Washington," says TIME correspondent Bruce Van Voorst. "If the yen continues to fall, it will put pressure on China and other Asian economies to devalue their currencies to remain competitive, and that would have a disastrous effect on the already huge U.S. trade deficit...
...selloff was the surest sign that the global danger posed by the Asian crisis is far from over. But Van Voorst believes the action won't be sufficient to save Japan: "The few billion that the U.S. spends on propping up the yen are spit on a hot stove," says Van Voorst. "They're important mostly as a psychological reassurance to Tokyo. It's up to the Japanese to get themselves back in shape." Japan has been sluggish in responding to G7 pleas for urgent action, but Treasury official Larry Summers flies to Tokyo later today to press the case...