Word: indexable
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...Tuesday, they might even be interested in what the Consumer Price Index was for August, because after all, August was only a couple of weeks...
...Overseas, world markets went on churning - and were down. In London, the FTSE 100 index of British blue chip shares closed down 5.7 percent from Monday's close, with British Airways stock - a bad day for airlines - dropping 21 percent. In Germany, the DAX plummeted as much as 11.4 percent lower before recovering somewhat to close the day down 8.5 percent. The Paris Stock Exchange's CAC 40 index tumbled 7.4 percent; the Mib30 index in Milan finished the day at its lowest closing level since Oct. 17, 1998 - down 7.7 percent...
...stocks were up, up, up (when was the last time we saw 200-point curbs in on the upside?) after the National Association of Purchasing Management (NAPM) said its index of industrial activity soared last month as factories upped production and lowered inventories amid - gasp! - new orders. And suddenly it seemed that the bears had been barbecued right out of existence...
This time around, both the U.S. and German economies are flatlining, while that of Japan continues its slow, downward spiral. The Japanese unemployment rate has risen to 5%, while the Nikkei stock market index last week touched lows not seen since 1984. The world's three most powerful engines are out of juice. Worry...
Though the Fed voiced concern about sagging corporate profits and the slowdown in capital spending, there are some encouraging signals. The index of leading economic indicators was up for the fourth month in a row in July. The country is still essentially at full employment, and manufacturing (excluding technology) is showing signs of stabilizing. Given all that, strategists such as Steve Young of Banc of America Capital Management have confidence the economy is in the "bottoming-out process." That bodes well for U.S. equities...