But as it turned out, stocks edged narrowly higher Wednesday after initial deep losses, snapping an eight-day streak of losses for the Dow. Still, the damage has been done: Stocks have essentially given up all their gains for 2011, and with the debt-ceiling drama behind them for now, investors have been focusing more intently on an economy that looks weak and discouraging.
"There's an underlying fear that the probability of a double-dip or second recession has increased over the last several weeks,'' said Robert G. Ix, managing partner of Crestwood Advisors, a Boston money-management firm with $750 million in assets under management. Relieved to have an up day for the first time in over a week and a half, Ix said he's now looking anxiously to Friday's government report on how many jobs the U.S. economy created in July.
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