Stock Market Madness on the Ilyce Glink Show August 14, 2011:
Wall Street has been somewhat unpredictable for the last few years, but this week we experienced nothing short of stock market madness. In the end, we lost a manageable 175 points in total, but that conclusion was punctuated by huge runs and big losses in between.
There are a number of reasons for the market volatility. Some of it can be attributed to the downgrade of the U.S. credit rating by Standard & Poors. The constant flurry of rough employment news, depressing housing numbers and fears of a double dip recession are certainly no help.
Other financial news that guests and callers discuss with me this week:
- Gold prices broke records, ending at $17.81 an ounce.
- American Airlines announced it would be spinning off regional carrier American Eagle.
- We talk about the “back to school” sales that weren’t.
- And unemployment numbers are down – slightly.