The Dow Jones fell 5.1% yesterday as worries about the economy returned with data about service sector-activity falling more than expected and jobs losses increasing more than expected. Futures are looking down again today, and that's in spite of the Bank of England slashed its key lending rate from 4.5% to 3%--its lowest since 1955. In fact, the BoE's rate cut was so unexpected that none of 60 economists surveyed by Bloomberg News predicted it (one said, It's absolutely staggering and deeply impressive"). Earnings data is driving the concern--Toyota forecast its "biggest drop in profit in at least 18 years" and Cisco predicts its "first revenue decline in" 5 years.
Stock Futures Fall, Even After Big Bank of England Rate Cut
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