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Article: Dow drop may keep Fed from raising interest rates; The stock market has been falling for more than a month - which could.(USA)
- Article from:
- The Christian Science Monitor
- Article date:
- September 29, 1999
- Author:
CopyrightCOPYRIGHT 1999 The Christian Science Publishing Society. 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)
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The stock market, one of the pillars of the economy, has a few hairline cracks. Not real fissures, just yet, but a few spider-web lines, the type that show up on a pillar when it's in need of paint.
Since mid-August, the Dow Jones Industrial Average has lost 1,000 points, and last week it dropped 524.30 points - the worst numerical loss in history.
There are plenty of reasons to think that the blemishes don't have any deeper meaning than a bad month on Wall Street. After all, economists are not predicting a recession because gravity is pulling the Internet stocks back to earth. And it's still too early to say retailers might see slightly dimmer holiday ...