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By Andrew P. Napolitano
Independent voices from the The Washington Times Communities
Topic - John Canally
Apple and other technology companies led the stock market up for the second day in a row Thursday.
The Federal Reserve acted Wednesday to lift an economy that's being held back by a weakened job market. It's extending a program designed to spur borrowing and spending through lower long-term U.S. interest rates.
U.S. corporations are brimming with cash and reporting record levels of profits, but many workers haven't received solid raises in years. Some have had to take on the workloads of laid-off colleagues, but have not received additional pay. The jobs that are open often provide smaller paychecks than the ones Americans lost during the 2007-09 recession.
U.S. stocks and Treasury prices dropped Tuesday after Federal Reserve policymakers said they were worried about a slowdown in hiring and appeared to resist buying more bonds to help the economy.
Investors began giving in to fears Thursday that a global recession is already under way.
Stocks plunged early Friday after a dismal report on economic growth added to traders' fears that the U.S. might default on its debt.
"Everybody is paying close attention to the soap opera in Washington," said John Canally, investment strategist and economist at LPL Financial.