Dow falls
I have said that this economy is designed for the rich to get richer. That’s not sound economics.
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From MSNBC:
The Dow Jones industrial average dropped more than 360 points Friday — the anniversary of the Black Monday crash 20 years ago — as lackluster corporate earnings, renewed credit concerns and rising oil prices spooked investors.
The major stock market indexes turned in their worst week since July after Caterpillar Inc., one of the world’s largest construction equipment makers, soured investors mood Friday with a discouraging assessment of the U.S. economy. In a week dominated by mostly negative results from banks facing difficult credit markets and rising mortgage delinquencies, investors appeared surprised that an industrial name was feeling an economic pinch, too.
Reports from Honeywell International Inc. and 3M Co., themselves big industrial names, gave investors little incentive to take chances on the market. In one bright spot, Google Inc. reported stronger-than-expected profits, drawing a number of analyst upgrades. (more…)
