Stocks slide as investors worry about economy

Recent Outbreaks Posted on

Investors' concerns about the U.S. economy aren't letting up even as Congress has reached a deal on a $789 billion economic stimulus plan.


Stocks tumbled early Thursday as a surprise jump in retail sales failed to lift the market's downcast mood. Investors looked past the stimulus plan and economic reports to cautious earnings forecasts and lingering questions about the health of the banking sector.

After an intense focus on Washington this week on the stimulus plan and the Treasury Department's revision to its financial rescue plan, investors find little reason to be optimistic.

Investors remain concerned about the prospects for businesses and are hoping the stimulus plan's mix of spending and tax cuts will be able to help revive an economy mired in its worst recession in generations. But the plan, if passed, likely won't help immediately.

The House could vote on the measure as soon as Thursday, though Friday seemed more likely. The Senate would follow.

"The stimulus bill looks like a little bit of a wet blanket," said Randy Frederick, director of trading and derivatives at Charles Schwab. "There is some concern that maybe this thing won't work as well as expected."

Legal News Media

Legal News is the top headline legal news provider for lawyers and legalprofessionals. Read law articles and breaking news from law firm's across the United States to get the latest updates. We reserve the right, at our discretion, to change, modify, add, or remove portions of the site at any time. Your This site is solely for your personal use. You are, of course, welcome to print or otherwise copy material from this site for your personal use. However, you may not distribute, exchange, modify, sell or transmit anything you copy from this Site, including but not limited to any text, images, audio and video, for any business, commercial or public purpose. Any unauthorized use of the text, images, audio and video may violate copyright laws, trademark laws, the laws of privacy and publicity and civil and criminal statutes.

 

American Bar Association – Start and Run a Law Firm

NewYorkStateBar.com – Starting a Law Firm

Lawyer Website Designs