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Fri August 19, 2011
Stocks Open Lower
In the first 15 minutes or so of trading on Wall Street, the stock market — as expected — headed south. But the decline was not precipitous. After initially falling about 100 points (around 1 percent), the Dow Jones industrial average recovered some and was off only around 50 points.
As you probably heard, things weren't good on Thursday, when stocks fell sharply. Getting the blame again: Investors' concern about a global economic slowdown. Here's how The Associated Press puts it:
"Global stocks slid ... as fears of a possible U.S. recession combined with ongoing worries over Europe's debt crisis, which is stoking acute fears over the continent's banking sector."
As always when you're dealing with a market that's been pretty volatile, don't read too much into the early returns. We'll check back on what's happening as the day continues and update this post.