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US stocks lose ground
as recession fears grow |
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On Wednesday the Dow Jones Industrial
Average and the S&P 500 saw sharp declines. Analysts have blamed investor
jitters on inflation. “You’ve got investors pulling back from the market in
the expectation that we’re going to have a recession,” David Donabedian,
chief investment officer of CIBC Private Wealth Management, told Bloomberg
News. Former Chairman of the Federal Reserve Ben Bernanke predicts continued
inflationary pressure over the next two years leading to lower job growth and
“stagflation,” or inflation combined with economic stagnation. (Source: Bloomberg, The New York Times, The Wall Street Journal) |
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