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Puck
The Texan
Joined: 05 Jan 2004
Posts: 5596
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 Sat Apr 16, 2005 9:59 am Dow Has Worst Week Since March '03 |
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| Quote: | Dow on 3-day free fall
Third triple-digit loss marks Wall Street's worst day in 2 years
Jonathan J. Higuera
The Arizona Republic
Apr. 16, 2005 12:00 AM
Wall Street suffered its worst single day in nearly two years Friday, capping a poor week and sparking debate over whether the economy is entering a brief softening or an extended slump.
The Dow Jones industrial average fell 191 points Friday for its third straight day of triple-digit losses.
For the week, it finished at 10,087.51, down 3.57 percent.
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Surging oil prices, rising interest rates and a bleak earnings report by IBM were blamed for the sell-off and skittish investing.
Dennis Hoffman, an economist at Arizona State University, said the poor week could signal tougher times.
"The risk of a soft spot in the economy is higher now than a year ago," he said. "It's driven by the price of oil, the possible end of the real estate run and softening consumer confidence."
However, Debra Roubik, chief economist for VisionEcon, a Valley economic consulting firm, thinks it's only a temporary softening. She lauded the inflation-fighting strategy of the Federal Reserve, which began raising short-term interest rates last June.
"It's always a trade-off between short-term reaction and long-term growth," she said. "If the Fed didn't act as it has, we would have much bigger problems." |
http://www.azcentral.com/arizonarepublic/news/articles/0416economy16.html
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