Bear Stearns Bailout Caps Lousy Week for Economy The near-collapse of Bear Stearns sent the stock market reeling Friday. The dollar fell to record lows against foreign currency this week, and gold and oil hit record highs. Topping it off, economists surveyed by the Wall Street Journal said the U.S. economy is in a recession. Was there any good news?
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Bear Stearns Bailout Caps Lousy Week for Economy

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Bear Stearns Bailout Caps Lousy Week for Economy

Bear Stearns Bailout Caps Lousy Week for Economy

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.