Via The Globe and Mail, a very pro-business newspaper: Stocks bloodied as economic fears mount in a wild week on markets. Excerpt and then a comment:
Mounting economic jitters gathered force Monday, crushing stock markets and roiling commodities and currencies.
Yesterday’s post-Fed rally fizzled, and then some, as investors focused again on the outlook for the global economy. European Central Bank chief Mario Draghi added fuel to this week’s fires with a warning about the troubled euro zone.
While Tokyo’s Nikkei and major European exchanges fell, the bulk of the damage came later in North America, where the S&P 500 slumped more than 40 points, or 2.1 per cent, and the Dow Jones industrial average plunged 335 points, or 2 per cent.
Toronto’s S&P/TSX composite lost more than 200 points, or 1.4 per cent, while oil prices sank and the Canadian dollar eroded, sliding to 89.5 cents U.S. by late in the day.
Today marked a quick and dramatic end to the stock rally that followed yesterday afternoon’s release of the minutes of the last meeting of the Federal Reserve, which indicated a still-dovish central bank that had no rush to hike interest rates.
I keep hearing rumbles about the global economy getting into trouble again: China's growth is slowing, oil prices keep falling, high-tech companies in Finland are laying off workers, even Angela Merkel, the Arch-Austerian, is considering a little government spending.