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Monday, November 15, 2010
After more or less heading upward since the summer doldrums, equities veered off Rally Road into a shallow ditch late last week. Most markets took their worst drubbing in months, as resurfacing fears mingled easily with new worries. The usual suspects included European debt miseries, sputtering growth, economy-cooling policies in China (where stocks plunged more than 5 per cent Friday alone) and continuing friction over currency values and trade imbalances.
In the U.S., the prospect of more monetary easing cheered equity players for weeks. Fed chief Ben Bernanke publicly noted the importance of higher stock prices for consumer confidence. And then, just as the Fed's stimulus plan got under way Friday, investors sold. Talk about a tough audience.
Bullish types would describe the week that was as a temporary pause, after a flood of capital poured into the markets from previously gun-shy investors tired of earning precisely zero on their cash.
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