Markets tumble over fears of weakening economy
The stock market in the United States is expected to have another weak opening this morning, following yesterday’s violent sell off on Wall Street and around the globe. Investors pulled their money from stocks and flocked toward Treasury bonds and precious metals like gold, which has risen to $1,669.10 an ounce. The European debt crisis and slow economic growth in the U.S. are leading to fears of a “double-dip” recession. Markets in Japan, Australia, South Korea, and Hong Kong all closed down around 4 percent. A jobs report from the Bureau of Labor and Statistics in Washington is expected to show unemployment continues to hover around 9.2 percent, a figure that has the potential to drive the economy lower. Kelly Evans, Ahead of the Tape columnist for The Wall Street Journal, discusses the jobs report, the overseas reaction to the sell off, and whether it’s time to panic about a “double-dip” recession.
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