Tuesday, December 31, 2002

Yahoo! News - Wall Street

Wall Street is limping toward its first three-year losing streak since 1939-41 while the blue-chip Dow is headed to its worst December performance since 1931.

The dollar was still under pressure, tumbling to a four-year low against the traditional safe haven of the Swiss franc, as geopolitical worries and fresh concerns about the U.S. economy weighed.

MSNBC -- Consumer confidence takes a tumble

A disappointing year for the economy ended on a sour note Tuesday with a report that consumer confidence fell sharply and unexpectedly in December. The weak labor market, rising gasoline prices and the prospect of war in Iraq combined to put consumers in a gloomy mood as 2002 drew to a close, analysts said.

THE CONFERENCE BOARD, a New York-based business research group, said its Consumer Confidence Index fell more than 4 points to 80.3, compared with expectations that it would rise to about 86. Consumers’ assessment of the present economic situation tumbled more sharply to 69.9, its lowest level in nearly nine years.

In November, the unemployment rate rose to 6 percent, matching an eight-year high, and many analysts predict the rate will climb higher.

Reuters - UK - Bush Warns That Iraq Threatens World Economy

Asked by reporters about the potential cost of war against Iraq, Bush countered: "An attack from (Iraqi President) Saddam Hussein or a surrogate of Saddam Hussein would cripple our economy.

More than a Republican President?

No comments: