Wall Street Opens Down, Again
Another bleak morning on Wall Street, as stocks opened down sharply across the board.
In the first 15 minutes of trading, the Dow is down about 120 points, or 1.4 percent.
The S&P 500 is down 1.6 percent and the Nasdaq is down 1.8 percent.
Yesterday the market had one of its wilder swings, posting a breathtaking -- and largely unexplained -- 550-point rally in the closing hours.
This morning, some of those gains have been given back and investors still are looking for the bottom in the Dow: Is it 8,000? Is it lower? Currently, the Dow is hovering at around 8,700.
One concern being raised among analysts now is the following: Everyone assumes -- probably hopes, as well -- that the economy will recover. But much of the boom of the past decade was built on the credit bubble, which has popped and is unlikely to reform.
So how strong could this recovery end up being? And what, if not credit, will be its engine?
-- Frank Ahrens
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