Word: stockely
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...mood around New York City, as among mom-and-pop investors around the country, went from worry to confusion to, at times, cautious optimism, only to circle back to fear. At a panel discussion on Friday on the seventh floor of the New York Stock Exchange, JPMorgan Chase CEO Jamie Dimon was asked how much more credit crisis is left to play out. "Nobody really knows," he said. "Clearly we're in the panic stage of unreasonable behavior." At the Connecticut offices of UBS, nervous colleagues passed around a joke about why the market was like a divorce but worse...
...were due for a stock-market smackdown. For 14 months debt markets have been stressed - and practically catatonic since mid-September. "Maybe it's a surprise, with 20/20 hindsight, that stocks held up as well as they did for as long as they did," says Bob Doll, chief investment officer for equities at BlackRock. "At the end of the day, lower-quality credit and stocks do have some things in common." The fear that has made investors shy away from all but the safest of debt finally moved on to the next logical step: fear of stocks, which inherently...
...assign a single cause to the behavior of stock markets - which are aggregations of thousands of companies - is at best difficult and at worst foolish. Nonetheless, there were events that were hard to ignore. Insurance contracts tied to the debt of the now defunct Lehman Brothers were finally settled up, and - after much breath-holding - no other firms unraveled. In Washington, black SUVs and town cars of the G-7's central bankers and Treasury officials rolled into town, bringing with them the hope that the people with the power to fix things - assuming there are such people - will collectively...
...only an opaque statement of principles, devoid of action. "We commit to continue working together to stabilize financial markets and restore the flow of credit, to support global economic growth," the statement said. No specifics were mentioned. They may be, over the weekend, away from the glare of global stock markets...
...Global stock markets were sending an unmistakable signal too: panic. The Dow Jones industrial average finished its worst week ever, off about 22%. On Friday, the market swung wildly, dropping 500 points on three occasions, then vaulting into positive territory before coughing up its gains in the last half-hour of trading to finish the day down 128 at 8,451. The NASDAQ managed a small gain. But European and Asian markets were pummeled again...