Business Weekly writes today that the stocks have fallen to the lowest levels in five years. "The S&P 500 hit its lowest level in more than five years Wednesday amid weak earnings reports and growing worries about the U.S. and world economies." The Dow Jones Industrial Average plummeted 514.45 points, or 5.69%, to end at 8,519.21. The S&P 500 lost58.27 points, or 6.1%, to 896.78 and the giant Nasdaq fell 80.93 points, or 4.77%, to end at 1,615.75.
Oil continues to drop. On the NYMEX, crude oil dropped $4.80, and is at $67.38. International markets continue to plummet as the Indian stock, Sensex, closes at 9879 after losing 300 points according to the economic times.
What do you think America? Are we destined for a serious recession or is there any hope for a quick recovery? As the international markets fall and the stock market drops, lets hope the presidential candidates can stimulate some hope and confidence.
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3 comments:
Which of the two presidential candidates would be the best for bringing the economy up? and why?
Dear Brown Man,
Very interesting post on the stock market.
No, there is no hope for a quick recovery. An unstable economy is a very severe issue that is impossible to be quickly fixed by an overnight bill.
However, I do believe that the Rescue bill is preventing an economy that could be in far worse shape than ours is right now. For instance, before the passage of the bill the stock market declined $2.3 trillion...and after the bill the stock market declined $2.9 trillion. Don't you agree that this decline could be MUCH worse without the Rescue bill? Personally, I believe that a $700 billion revamp package can't hurt too much...
Thanks!
Merritt
Dear Nicole,
I believe Barack Obama would be the best presidential candidate for bringing up the economy because he realizes where to cut taxes and how to use government funding wisely for government programs that will stimulate the complex economic system. As well as weening the country off oil, Obama believes in local jobs which will also stimulate economic growth
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