Word: tuesday
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...unusual for prices to tumble in the post-Christmas January sales. But this year, there's more unwanted stock than ever. Shares across Europe traded down Tuesday, a day after registering their biggest single-day slide since September 11, 2001. London's FTSE 100 index fell 5.5% Monday, swiping $150 billion off the value of Britain's blue-chip firms. The sell-offs were brisk in Asia, too. Shares in China skidded more than 7% to a 5-month low Tuesday; markets even suspended trading in India and South Korea on the back of heavy losses...
...subprime mortgage market. With those banks themselves still somewhat in the dark - even after writing down tens of billions of dollars linked to those soured mortgage loans - it's gotten harder for institutions and individuals to borrow money. Even the Federal Reserve seems spooked: the U.S. central bank early Tuesday slashed a key interest rate by 0.75% to 3.5%, the biggest cut in more than 20 years...
...things get in China, it'll be worse in the U.S. By mid-morning Tuesday, the Dow was already trading down 2.6%. Expect 2008 "to be a very bad year for the U.S.," says Stein...
Congress watchers may feel a little unsettled when the Senate returns to work Tuesday. In recent days there has been a spate of oddly bipartisan comments, even a can-do tone among lawmakers. Just last Friday, the normally contentious Republican Senate minority leader, Mitch McConnell said, "If we can work together... we can quickly have a significant accomplishment to start the year." Across the Capitol on that same day, the usually combative Democratic Speaker, Nancy Pelosi, said, "Democrats welcome President Bush's willingness to work together with Congress," and promised to work with Republicans in the coming weeks...
...then, at long last, comes the moment in the G.O.P. race - Super Tuesday, or Tsunami Tuesday, as it has been christened this year - that is supposed to winnow the field and bring some clarity...