There’s only so much bad news the stock market can ignore.Read the rest here.
Investors woke up Monday morning to news that a select congressional committee had failed, as expected, to break a long-running deadlock on solutions to the federal budget deficit. Analysts had been saying for weeks that the committee’s work would have much less impact on the markets than the high-profile bickering that sent stocks reeling in August.
But the deepening debt crisis in Europe is harder to ignore.
“Complacency is running at an uncomfortably high level,” said Gluskin Shiff's Chief Economist David Rosenberg. "Hope is one thing; denial quite another. Neither are very effective investment strategies.”
That complacency was tested Monday, as heavy selling sent stocks lower, knocking more than two percent off the major market indices.
is the blog of an Orthodox Christian and is published under the spiritual patronage of St. John of San Francisco. Topics likely to be discussed include matters relating to Orthodoxy as well as other religious confessions, politics, economics, social issues, current events or anything else which interests me. © 2006-2024
Who ever said that a $ 1.2 trillion deficit reduction over TEN years would fix anything. At our present rate our debt should be about $ 30 Trillion. And Padre, you only have 13 months until we can celebrate a tax increase. Remember: patience is a virtue. Statmann
ReplyDelete