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What's your response to market plunge?
I've had enough, sold most of my portfolio. 22.12%
A little nervous, trimmed some holdings. 18.99%
I made big bet on market drop -- go, gold, go. 19.57%
I'm a deer in headlights -- nothing at all. 39.32%
NEW YORK (MarketWatch) — Sears Holdings Corp., parent company of Sears department stores and Kmart discount chain, reported Thursday a bigger-than-expected second-quarter loss, after weakening demand led to increased promotions and clearance sales.
To cut costs amid lower demand, Sears shut 29 stores, including both Kmart and Sears; converted 14 Sears Grand stores to Kmart; and shut seven product repair center locations. It also cut about 250 support jobs on top of positions reduced from the closings and store conversions. It took a charge of $48 million for the restructuring moves.
Originally posted by marg6043
The experts are calling this downfall a recession but don't tell that to the hopeful American people because they are not going to believe it
NEW YORK (MarketWatch) — Morgan Stanley analysts cut their outlook for global economic growth in a note late Wednesday, and sounded alarm bells that the U.S. and Europe are “hovering dangerously close to a recession.”
The analysts lowered their global economic growth in 2011 to 3.9%, down from a previous estimate of 4.2%. They now see growth for 2012 at 3.8%, down from 4.5%.
Policy errors in the U.S. and Europe, as well as the prospect of fiscal tightening, is eroding business and consumer confidence, it added.
August 11, 2011
The world economy is deteriorating faster than anticipated. In April, stock markets worldwide soared to $59.2 trillion; in May and June, markets lost almost $2.9 trillion. In July, these losses more than doubled to close to $6 trillion. In other words, during the past three months, stock markets across the world have lost almost $9 trillion – that is, some 15% from their peak in April.
For the last several months we have been posting our Economic Output Composite Index and warning that it was heading to levels that typically denote that the economy is in a recession or about to be in one.
Greece Threatens To Unwind Second Bailout By Agreeing To Finland Collateral Demands