Bear Stearns Bailout Caps Lousy Week for Economy

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The near-collapse of Bear Stearns sent the stock market reeling Friday. All three major indexes were down sharply — the Dow by more than 194 points, or about 1.5 percent.

This week, the dollar fell to a record low against the euro and a 12-year low against the yen. Gold and oil reached record highs. And that's not all we learned this week: The trade gap grew, and retail sales fell — Americans just aren't shopping as much.

In short, it was a lousy week.

And to top it off, for the first time this week, a majority of economists surveyed by the Wall Street Journal said the U.S. economy is in a recession.

There was one bit of good news out Friday: Inflation remained in check last month.



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