U.S. economic picture darkens
WASHINGTON - A fresh wave of bad economic news, including a half-million Americans newly out of work and the weakest October retail sales in nearly 40 years, pummeled the stock market Thursday, driving the Dow Jones industrials under 9,000 again with a stunning two-day decline of 10 percent.
The high market volatility that characterized the financial meltdown in September and October has returned, and the economic picture is growing notably bleaker, with the holiday shopping season and the new administration of President-elect Barack Obama looming in coming months.
Henry Paulson, President Bush's Treasury secretary, pledged to work closely with Obama for a smooth handoff of power. Paulson said a "methodical and orderly" transition was in the best interests of the financial markets
Read Article: AZ Central
Posted by: Phoenix Auto Accident Lawyers
Friday, November 7, 2008
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