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[Pen-l] Fwd: News Alert: Dow Plunges 680 Points as Recession Is Declared

Breaking News Alert
The New York Times
Monday, December 1, 2008 -- 4:20 PM ET
-----

Dow Plunges 680 Points as Recession Is Declared

The stock markets took a fall on Monday, diving along with
investors' confidence. Confirmation that the nation is in a
recession and reports of only a modest gain in holiday
shopping sales have prompted many investors to resume selling
after five days of higher closings.

[The stock market is so crazy; the recession has been obvious for
months. How can anyone take the idea of the "efficient markets
hypothesis" seriously??]

Late-session comments by Treasury Secretary Henry M. Paulson
Jr. that the economic downturn is "significant" but
manageable probably added to the market's gloom, as did more
downbeat data about manufacturing and construction.

The Dow Jones industrials were down 679.95 points, or 7.7
percent, while the broader Standard and Poor's 500-stock
index was down 8.93 percent, or 80 points. The technology
heavy Nasdaq fell 8.95 percent.

Read More:
http://www.nytimes.com/?emc=na

Copyright 2008 The New York Times Company
-- 
Jim Devine /  "Nobody told me there'd be days like these / Strange
days indeed -- most peculiar, mama." -- JL.
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