The Dow Jones Industrial Average erased all of its gains year-to-date, with a decline of 2.6 percent last week. The S&P 500 Index, Nasdaq and Russell 2000 Index also fell more than 2 percent, as the U.S. stock market closed out the month in the red.
Most of that money ended up in the reserve accounts of the Big Banks, while Americans burned by two stock market crashes in less than a decade refused to take the bait, instead squirreling away $1.8 trillion.
Unless there are very unusual conditions, sessions like last Thursday - when the Dow Jones Industrials lost more than 300 points in a single day - typically lead to the transfer of shares from weak hands to strong hands.
At its peak in 1937, the index was 29% below the real all-time high of 1929. For a scholarly study of secular bear markets, which highlights the same key turning points, see Russell Napier's Anatomy of the Bear: Lessons from Wall Street's Four Great ...
inflation Doug Short: With the July FOMC minutes on tap for this afternoon and the Fed's annual Jackson Hole meeting kicking off tomorrow, I've updated the accompanying charts with the latest Consumer Price Index data from the Bureau of Labor Statistics.