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...Legend Financial Advisors in Pittsburgh, is eying a few reopened funds for clients - Artisan Mid Cap Value and Schneider Small Cap Value are long-time favorites - but he's not looking to buy anytime soon. "Historically speaking, three months before the end of a recession, when things feel the worst, it's usually a good time to buy," says Stanasolovich. "I just don't think we're coming out of this recession anytime soon...
...recession was formally declared, investors cast their vote that economic recovery was nowhere in sight. All broad stock market indexes dropped sharply, with the steepest thrusts coming at the end of the trading day. The Dow ended Monday's session down 679.95 points or 7.7%, one of its worst days in recent months. Other broad market gauges took even steeper dives, with the Standard & Poor's 500, which includes financial stocks, falling 9.93%. The S&P 500 is now down...
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...
...context of Africa's worst countries, 200 deaths, despotism, brutality and the corruption of the regime elite is all too usual. The cholera epidemic indicates Zimbabwe is entering a new stage: a humanitarian crisis that affects tens of thousands inside the country and, with hundreds of thousands of refugees pouring over Zimbabwe's borders, all southern Africa too. After initially denying there was a problem, Zimbabwe's regime changed its tune last week, saying it could not cope with the health crisis. "With the coming of the rainy season, the situation could get worse," said deputy health minister Edwin Muguti...
Retailers rolled out a variety of promotions and discounts with mixed results last Friday in an effort to lure recession-weary consumers into Harvard Square stores, hoping that the unofficial start of the holiday shopping season might boost revenues battered in recent months by a tumbling economy. Expecting the worst, Cambridge business owners said they were pleasantly surprised at the number of shoppers on Friday. One early report suggested that national sales had increased only 3 percent from last year, and all local business owners acknowledged feeling the effects of the slowing economy. At the Adidas Store on Mass...