Markets Tumble as Signs Point to Weak Global Economy
The stock market fell sharply Thursday on intensifying investor fears about a
slowdown in global economic growth and worries about Europe’s ongoing debt
crisis, which is centered now on Italy and Spain.
As Japan intervened to weaken its currency and European stock markets turned
negative across the board, United States stocks fell by around 3 percent in
morning trading in New York.
A fear haunting markets in the United States is that the economy may be heading
for a double-dip recession. Although the fractious debt ceiling debate is now
past, markets fear spending cuts and weaker economic data point to a weaker
economy. The latest weekly jobless data Thursday again showed the economy was
still fragile.
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http://www.nytimes.com/2011/08/05/business/markets.html?emc=na
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