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By John R. Bolton
The president fiddles at his domestic altar while the world burns
Independent voices from the The Washington Times Communities
Topic - Nicholas Colas
U.S. stocks closed lower after uneven trading Tuesday as fears about the "fiscal cliff" and Greece tipped major indexes between gains and losses. A surge in Home Depot's stock prevented a steeper drop for the Dow Jones industrial average.
When the stock market began tumbling Thursday, many people assumed the selloff had something to do with the Supreme Court ruling to uphold President Obama's health care law. But for a lot of investors, it was the same old concerns about Europe, along with a few new worries.
Ominous news from around the world caused stocks to plummet on Thursday, sending the Dow Jones industrial average to the worst one-day drop in seven months.
"If U.S. companies have proven anything in the last four years of subpar macroeconomic results," Mr. Colas wrote, "it is that they can make gallons of lemonade from just a few shriveled bits of citrus."
In a report to clients Thursday morning, ConvergEx Group analyst Nicholas Colas noted companies' higher earnings but said they don't match the "real feel" of an economy still crimped by "lackluster jobs growth, a flattening rate of improvement in the housing market, and incremental government austerity measures."