By John Solomon
How the government's punishing of the exposure of official wrongdoing can linger for years
Wall Street stocks staged a convincing comeback after weeks of turmoil Tuesday, with the Dow Jones industrial average first plumbing new lows near 10,500 before surging to end up 430 points in a lightning-fast rebound in the closing 45 minutes of trading.
The Treasury Department says China's currency remains undervalued despite the Asian giant's move last month to loosen its strict link to the U.S. dollar.
Businesses resumed hiring again last month, posting 83,000 openings in areas from health care to manufacturing, partially offsetting the layoff of temporary census workers, the Labor Department reported Friday morning.
The Fed chose to try to calm markets with "dovish language," Mr. Chatterjee said, in part because a report showing a pickup in hiring activity on Friday gave it "enough comfort" to stay on the sidelines.
"Although the direct impact of the downgrade has been minimal as yet, it has undermined market confidence," said Aroop Chatterjee, an analyst at Barclays Capital, adding that the downgrade was an eye-opener because it "once again refocused the market on the potential for the 'unthinkable' becoming reality."
