|
|
Article: Grin and bear it.(9% decrease in Dow Jones Industrial Average could be start of bear market)(Editorial)(Cover Story)(Brief Article)
- Article from:
- The Economist (US)
- Article date:
- August 8, 1998
CopyrightCOPYRIGHT 1998 Economist Newspaper Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
BEARS are generally portrayed as fierce, dangerous creatures which one should avoid at all cost. But bears come in all shapes and sizes: some can even offer comfort in difficult times. With luck, this will turn out to be the sort of creature that is now stalking Wall Street and spooking other stockmarkets. His growls will give many investors a nasty scare, but economic policy makers should give him a warm welcome. The bubble that has been developing on Wall Street posed several serious risks to the economy, and a modest drop in share prices could be exactly what is needed right now.
By August 5th, America's Dow Jones Industrial Average had fallen to 9% below its ...