The stock market took another nose-dive on Thursday, falling sharply for the fourth time in five days. The Dow Jones Industrial Average lost 1,032.89 points, representing 4.1 percent of value, falling to 23,860.46. The Standard & Poor 500, lost 100.66 points and Nasdaq composite was down 274.82 points.
Investment observers are calling the decline a “market correction,” bringing stock prices more in line with their actual value after months of almost non-spot increases.
Anxiety about rising wages and a possible increase in the prime lending rate are being blamed for the declines.
What? Another shutdown?
After a deal was reached Wednesday in the U.S. Senate to avoid a government shutdown, some uncertainty has crept back into the situation.
The compromise which was supposed to allow the debt-ceiling to raised with $400 for defense spending and disaster relief hit some resistance when Sen. Rand Paul (R-Kentucky) said he would see to block a vote because both parties are “spending us into oblivion.”
On the Democratic side in the House of Representatives, some said they would oppose the budget deal because it didn’t include protection for “Dreamers” – illegal immigrants who arrived as children – from deportation.
The deadline is midnight Thursday.
Paychecks getting a bit fatter
American workers are starting to see more money in their paychecks, an amount ranging for not much to quite a bit.
According to the Associated Press, the changes – brought about by a controversial income tax overhaul – the average middle class household will see a tax cut of $930 annually.
Just how you fare depends on your circumstances. One secretary in Pennsylania is seeing a wage increase of $1.50 a week, while a Texas educator got another $200 in his paycheck. Teachers are typically paid monthly.
Categories: The Wider World