Independent voices from the TWT Communities
For the stock market, this week hasn't been the most wonderful time of year.
When jobs fall, the stock market follows.
The Dow Jones industrial average fell below 12,000 for the first time since March Friday as fears spread that the global economic recovery is losing steam.
Karyn Cavanaugh, market strategist with ING Investment Management in New York, wrote a note to clients Wednesday highlighting the less-than-merry retail sales.
"It's like ripping the Band-Aid off now versus later," Cavanaugh said. "The Band-Aid's got to come off. We've got to cut spending, we've got to pay down the debt."