Tuesday, August 17, 2004
Bloomberg writes: "Income and capital-gains tax cuts, the fastest economic growth in five years, the creation of more than 1 million jobs, an ebullient outlook from the chairman of the Federal Reserve and victory in Iraq were exactly what most chief executives at America's largest companies and their investors wanted from the president, Congress and the central bank. And they got it all."
So the stock market should be booming, right?
Instead, the reality of record-high oil prices, more than 790 American military deaths in Iraq since Bush addressed soldiers under a banner declaring 'Mission Accomplished,' and the administration's warnings of threatened terrorism in America's backyard have helped depress trading and send the S&P 500, the Dow Jones Industrial Average and the Nasdaq Composite Index to their lows for the year last week."