The US is Officially in a Recession....
The US is in an official recession, announced just after they said Black Friday spending was up 3% over last year. Upon the official confirmation of what everyone already knows, the Dow Jones Industrial Average lost 680 points, its fourth-biggest single-session decline on a point basis ever.
Then like dominoes the global markets started to fall from London to Asia.
Year-to-date, the Dow is down 38.6% and has lost 42.5% from its record close of 14,164.53 on October 9, 2007.
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Yeowch. I think everyone is in a Hang On Tight frame of mind. Frozen in survival mode.
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