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(Studio: Peter Jennings) Stock Market Report.
(New York: Betsy Stark) Another downward day on Wall Street in response to the worldwide economic slowdown reviewed. [Institution for International Economics Catherine MANN - says investors have turned bearish; points out that the next key country is Brazil.] The drop in the stock markets in Japan, France and Germany shown. The vicious cycle of frightened investors selling stocks noted.
(Studio: Peter Jennings) The concern over "hedge funds," which are virtually unregulated pools of money used by investors to speculate in the market, noted.
(Washington: Barry Serafin) The problems for banks caused by the effort to rescue the Long-Term Capital Management hedge fund via a bailout examined. [Federal Reserve Board chairman Alan GREENSPAN - says there could have been substantial damage if the hedge fund was allowed to founder.]
(Studio: Peter Jennings) The lowering of mortgage rates in response to yesterday's Federal Reserve Board decision to lower interest rates noted. Construction spending and production managers index figures cited.
- Jennings, Peter;
- Serafin, Barry;
- Stark, Betsy
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