Dow a 1000

The Third Depression

The Third Depression

By PAUL KRUGMAN
Published: June 27, 2010


Recessions are common; depressions are rare. As far as I can tell, there were only two eras in economic history that were widely described as “depressions” at the time: the years of deflation and instability that followed the Panic of 1873 and the years of mass unemployment that followed the financial crisis of 1929-31.

We are now, I fear, in the early stages of a third depression. It will probably look more like the Long Depression than the much more severe Great Depression. But the cost — to the world economy and, above all, to the millions of lives blighted by the absence of jobs — will nonetheless be immense.

Europe Double-Dip May Bring Correction: Roubini

Europe Double-Dip May Bring Correction


Economic woes in Europe could spread to the U.S. and lead to a further correction in stock prices, Nouriel Roubini, chairman of Roubini Global Economics

The weaker euro will affect US exports, the widening of credit spreads will push up bond yields, risk aversion has been rising and bank spreads affect the euro-dollar Libor rate, Roubini said.

"What is happening in the euro zone right now is going to have a negative effect on U.S. economic growth," he predicted.

"There's contagion coming from Europe to the U.S., that's a first thing," he said. Secondly, "too many governments decided to do fiscal austerity too soon."

"A double-dip recession looks likely in the euro zone, it looks like Japan right now is falling off the cliff … and now there is evidence of a slowdown in economic growth also in China

Trichet Explains Why Soros Is Wrong About the Euro

Trichet Explains Why Soros Is Wrong About the Euro

"By insisting on pro-cyclical policies, Germany is endangering the European Union," Soros warned. "I realize that this is a grave accusation, but I am afraid it is justified."

Soros Says the Euro is a Flawed Construct

Soros Says the Euro is a Flawed Construct

Soros said the euro was an incomplete currency from the start as the European Union's Maastricht Treaty established a monetary union without a political union.

"The euro is a patently flawed construct," Soros, who earned $1 billion in 1992 by betting against the British pound, said in the text of a speech for delivery at Berlin's Humboldt University.

Bolsa de Nueva York cerró su peor mayo luego de 70 años

Bolsa de Nueva York cerró su peor mayo luego de 70 años



La Bolsa de Nueva York cerró este viernes su peor mes de mayo en setenta años, afectada por el nerviosismo generado en torno a la situación financiera en Europa.

Stocks to Tumble Another 20%, Cash the Safest Place: Roubini

La inflación y la deflación amenazan la recuperación de la economía mundial

La inflación y la deflación amenazan la recuperación de la economía mundial




La inflación se ha elevado en economías en auge como China y Brasil, pero se mantiene bajo control, y en algunos casos incluso coquetea con la deflación, en muchos países desarrollados como EE.UU.

Financial Reforms 'Cosmetic,' Won't Stop More Crises: Roubini

Current efforts to reform financial regulation are “cosmetic” and won’t prevent another crisis, economist Nouriel Roubini said Tuesday.

Bolsas Mundiales

Dr Doom

Roubini Sees Economic `Double Whammy' From Oil, Deficits

Economic Indicator

• 2009

  U.S. fiscal year deficit nears $1 trillion after $189.7 billion shortfall in May

Worst January on Record for Stocks

Stocks wrapped up their worst January on record with a final plunge on Friday.

The Dow Jones Industrial Average finished January down 8.84% on the month. Perviously, the worst January for the Dow had been that of 1916, when it fell 8.64%. Friday, the Dow dropped 148.15 points to 8000.86 after briefly dipping below the 8000 mark. The Dow has fallen five straight months and in 12 of the last 15.

The S&P 500-stock index lost 2.28% Friday to end at 825.88, for cumulative losses in January of 8.57%. Until Friday, its worst January from 1929 onward occurred in 1970, when it lost 7.65%.

Both stock-market indexes are off by more than 40% from their 2007 highs.

Stocks popped at the open Friday, but spent most of the day in the red. Traders cited fears that plans wouldn't go forward for a so-called bad bank to soak up toxic assets from financial institutions, and bleak economic news, in particular Friday's report of a 3.8% contraction in fourth quarter GDP. It was better than the 5.5% fall that economists had expected, but suggested the recession, now in its second year, is cutting deep.

A slew of layoff announcements, skepticism of the Obama stimulus plan, and a series of bleak earnings reports all crunched U.S. stock markets over the course of the week. Those developments left investors who exited stocks last year with little desire to put their money to work in the markets, limiting any stock rallies.

"I don't think anyone is willing to put money to work until we get clarity out of the new government," said Matthew Cheslock, managing director at Cohen Capital Group LLC.

Investors have grown wary of efforts to right the ship. The Obama stimulus plan has received a lukewarm reception among market participants and buzz about the possible creation of a "bad bank" to soak up toxic assets has waxed and waned, perplexing investors. After a three-day jump to start the week, the bottom dropped out for stocks on Thursday and Friday.

"There's been too much back-and-forth, it's a wishy-washy market," said Debra Brede, president of D.K. Brede Investment Management Company. "One day you think [the government] is going to do something serious to help the banks, and the next day it's not such a great idea. Markets hate uncertainty, and it's not clear it's a good plan. We need to get these banks cleaned up and move forward."

Historically, stocks' January performance has been thought of as an informal indicator for the market's direction the rest of the year. When the S&P declines in January, the index loses an average of 2.4% in the next 11 months, according to data going back to 1950 from Ned Davis Research. When the S&P climbs in January, the index posts an average gain of 12.3% in the next period.

"We're at month-end, the Dow is down, and there's no ray of sunshine," said Mr. Cheslock. "We need to get expectations down -- it's good for the market over the long term. Last quarter was horrible, this quarter will probably be horrible."

On Friday, Dow component Procter & Gamble lost 6.2% after cutting its sales forecast for the year after a 53% increase in earnings in its just-ended quarter. Oil giant Exxon Mobil's fourth quarter net fell 33% even as its annual results hit a new record. Rival Chevron posted a razor-thin profit increase for the fourth quarter. The two Dow components ended with modest losses.

Industrial stocks sold off, with Caterpillar warning it must drastically reduce production this year. Its shares fell 3.1%. Alcoa slid 7.7%. These stocks have plumbed new depths after repeated warnings from the International Monetary Fund and others that global growth is going to slow to a "virtual standstill" in 2009.

Gold and the U.S. dollar were among Friday's few silver linings. The dollar rose 1.23% against the euro. February gold gained 2.5%, ending at $927.30.

"The dollar seems to have some strength, but I think gold is telling the real story here," said Axel Merk, president and chief investment officer at Merk Investments. Investors no longer favor any particular currency, Mr. Merk said, because of "[worries] about what governments may do to their currencies. Everyone wants to weaken their currencies to finance growth. There are depression fears spreading around the world."

March crude futures fell 6.6% in January to settle at $41.68. Crude is down for the seventh consecutive month.

Recessions

Bear Market ..!!!!

June -- Worst for Dow Since 1930

Index 06/30/08 Wk Chng Week % Mn Chng Mnth % Yr Chng Year % 2K Chng* 2000 %

------ -------- ------- ------ ------- ------ ------- ------ -------- ------

Dow30 11350.01 3.50 0.0% -1288.31 -10.2% -1914.81 -14.4% -147.11 -1.3%

Trans 4948.03 38.91 0.8% -489.51 -9.0% 377.48 8.3% 1970.83 66.2%

Utils 520.85 13.86 2.7% -0.80 -0.2% -11.68 -2.2% 237.49 83.8%

S&P500 1280.00 1.62 0.1% -120.38 -8.6% -188.36 -12.8% -189.25 -12.9%

Nasdaq 2292.98 -22.65 -1.0% -229.68 -9.1% -359.30 -13.5% -1776.33 -43.7%

NYSE 8660.48 36.97 0.4% -740.60 -7.9% -1079.84 -11.1% N/A N/A

Rus2000 689.66 -8.48 -1.2% -58.62 -7.8% -76.37 -10.0% 184.91 36.6%

Amex 2232.05 21.21 1.0% -123.07 -5.2% -177.57 -7.4% 1363.31 156.9%

Val Lne 1994.64 -18.17 -0.9% -232.74 -10.4% -250.94 -11.2% 968.84 94.4%

30Yr Tr 45.31 -0.06 0.1% -1.76 3.7% 0.72 -1.6% -19.49 30.1%

Bnk Idx 58.13 -1.14 -1.9% -17.74 -23.4% -30.47 -34.4% -18.87 -24.5%

MSH 35 554.48 -5.15 -0.9% -63.30 -10.2% -68.02 -10.9% -366.30 -39.8%

Consumr 647.46 -1.14 -0.2% -57.12 -8.1% -90.32 -12.2% 112.69 21.1%

Cyclicl 855.98 -3.99 -0.5% -126.16 -12.8% -145.75 -14.5% 270.20 46.1%

Airline 16.09 -0.07 -0.4% -3.02 -15.8% -18.24 -53.1% -137.38 -89.5%

Retail 352.87 -6.69 -1.9% -49.16 -12.2% -57.07 -13.9% N/A N/A

* Change since 12/31/1999

Winners-Losers 0-30 4-26

Dow Industrials Jun-30 Wk Chg Week % Mn Chg Mnth % Yr Chg Year %

--------------- ------ ------ ------ ------ ------ ------ ------

General Motors 11.50 -0.05 -0.4% -5.60 -32.7% -13.39 -53.8%

Bank of America 23.87 -0.72 -2.9% -10.14 -29.8% -17.39 -42.1%

American Int Gr 26.46 -1.29 -4.6% -9.54 -26.5% -31.84 -54.6%

Citigroup 16.76 -0.49 -2.8% -5.13 -23.4% -12.68 -43.1%

Boeing 65.72 -1.20 -1.8% -17.05 -20.6% -21.74 -24.9%

JP Morgan Chase 34.31 -0.74 -2.1% -8.69 -20.2% -9.34 -21.4%

American Exprss 37.67 -0.37 -1.0% -8.68 -18.7% -14.35 -27.6%

AT&T 33.69 0.93 2.8% -6.21 -15.6% -7.87 -18.9%

Home Depot 23.42 -0.60 -2.5% -3.94 -14.4% -3.52 -13.1%

United Tech 61.70 0.55 0.9% -9.34 -13.1% -14.84 -19.4%

General Electrc 26.69 0.43 1.6% -4.03 -13.1% -10.38 -28.0%

Alcoa 35.62 0.24 0.7% -4.97 -12.2% -0.93 -2.5%

Caterpillar 73.82 0.07 0.1% -8.82 -10.7% 1.26 1.7%

DuPont 42.89 0.20 0.5% -5.02 -10.5% -1.20 -2.7%

Minn Mining Mnf 69.59 0.08 0.1% -7.97 -10.3% -14.73 -17.5%

Pfizer 17.47 0.19 1.1% -1.89 -9.8% -5.26 -23.1%

Coca-Cola 51.98 0.14 0.3% -5.28 -9.2% -9.39 -15.3%

IBM 118.53 -1.52 -1.3% -10.90 -8.4% 10.43 9.6%

Verizon Comm 35.40 1.12 3.3% -3.07 -8.0% -8.29 -19.0%

Procter-Gamble 60.81 0.32 0.5% -5.24 -7.9% -12.61 -17.2%

Intel 21.48 -0.01 0.0% -1.70 -7.3% -5.18 -19.4%

Disney 31.20 -0.37 -1.2% -2.40 -7.1% -1.08 -3.3%

Hewlett-Packard 44.21 -0.37 -0.8% -2.85 -6.1% -6.27 -12.4%

McDonald's 56.22 -0.28 -0.5% -3.10 -5.2% -2.69 -4.6%

Johnson-Johnson 64.34 0.77 1.2% -2.40 -3.6% -2.36 -3.5%

Merck 37.69 0.71 1.9% -1.27 -3.3% -20.42 -35.1%

Microsoft 27.51 -0.12 -0.4% -0.81 -2.9% -8.09 -22.7%

Wal-Mart 56.20 -0.10 -0.2% -1.54 -2.7% 8.67 18.2%

Exxon-Mobil 88.13 1.58 1.8% -0.63 -0.7% -5.56 -5.9%

Chevron-Texaco 99.13 1.33 1.4% -0.02 0.0% 6.47 7.0%

Fiend's Prime-25©

-----------------

Winners-Losers 1-24 4-21

Company Jun-30 Mn Chg Mnth % Yr Chg Year %

--------------- ------- ------ ------ ------ ------

Bank of America 23.87 -10.14 -29.8% -17.39 -42.1%

American Int Gr 26.46 -9.54 -26.5% -31.84 -54.6%

Citigroup 16.76 -5.13 -23.4% -12.68 -43.1%

JP Morgan Chase 34.31 -8.69 -20.2% -8.96 -20.7%

AT&T 33.69 -6.21 -15.6% -7.87 -18.9%

Wells Fargo 23.75 -3.82 -13.9% -6.13 -20.5%

General Elctrc 26.69 -4.03 -13.1% -10.38 -28.0%

Cisco 23.26 -3.46 -12.9% -3.81 -14.1%

Apple Comp 167.44 -21.31 -11.3% -30.64 -15.5%

Google 526.42 -59.38 -10.1% -165.06 -23.9%

Pfizer 17.47 -1.89 -9.8% -5.26 -23.1%

Coca Cola 51.98 -5.28 -9.2% -9.39 -15.3%

IBM 118.53 -10.90 -8.4% 10.43 9.6%

Oracle 21.00 -1.84 -8.1% -1.58 -7.0%

Verizon Comm 35.40 -3.07 -8.0% -8.29 -19.0%

Procter-Gamble 60.81 -5.24 -7.9% -12.61 -17.2%

Intel 21.48 -1.70 -7.3% -5.18 -19.4%

Pepsico 63.59 -4.71 -6.9% -12.31 -16.2%

Hewlett-Packard 44.21 -2.85 -6.1% -6.27 -12.4%

Johnson-Johnson 64.34 -2.40 -3.6% -2.36 -3.5%

Microsoft 27.51 -0.81 -2.9% -8.09 -22.7%

Wal-Mart 56.20 -1.54 -2.7% 8.67 18.2%

Exxon-Mobil 88.13 -0.63 -0.7% -5.56 -5.9%

Chevron-Texaco 99.13 -0.02 0.0% 5.80 6.2%

ConocoPhillips 94.39 1.29 1.4% 6.09 6.9%

Prime-25© 4029.88 -395.02 -8.9% -763.10 -15.9%

RNK Company (Bil) P/E Yield Symb Sector

--- ----------------- ------ ----- ----- ---- ---------------

1. Exxon-Mobil $481 12.75 1.59% XOM Energy

2. General Eltrc $270 11.97 4.65% GE Conglomerate

3. Microsoft $257 18.10 1.60% MSFT Technology

4. Wal-Mart $225 18.19 1.57% WMT Services

5. Chevron-Texaco $209 12.10 2.34% CVX Energy

6. AT&T $204 17.55 4.75% T Technology

7. Procter-Gamble $189 19.18 2.30% PG Consumer

8. Johnson-Johnson $184 18.12 2.58% JNJ Healthcare

9. Google $166 41.13 0.00% GOOG Technology

10. IBM $164 17.77 1.35% IBM Technology

11. ConocoPhillips $151 14.70 1.74% COP Energy

12. Apple Comp $147 42.61 0.00% AAPL Technology

13. Cisco $141 18.46 0.00% CSCO Technology

14. Intel $126 20.26 2.09% INTC Technology

15. Coca Cola $120 22.21 2.62% KO Consumer

16. Pfizer $119 17.30 7.33% PFE Healthcare

17. JP Morgan Chase $115 7.44 4.43% JPM Financial

18. Hewlett-Packard $114 16.50 0.72% HPQ Technology

19. Oracle $108 21.65 0.00% ORCL Technology

20. Bank of America $106 5.29 10.72% BAC Financial

21. Pepsico $102 17.09 2.36% PEP Consumer

22. Verizon Comm $102 18.53 4.86% VZ Services

23. Citigroup $83 4.51 12.89% C Financial

24. Wells Fargo $78 9.98 5.22% WFC Financial

25. American Int Gr $67 4.63 3.02% AIG Financial

_ Prime-25© $4,030 13.96 2.79%

Currencies

----------

Sep

Crrncy Jun-30 Mn Chg Mnth % Yr Chg Year % 2K Chng* 2000 %

------ ------- ------ ------ ------ ------ -------- ------

Pound 198.19 0.31 0.2% 0.34 0.2% 36.29 22.4%

SwFrnc 98.10 2.17 2.3% 9.72 11.0% 34.63 54.6%

Euro 156.90 1.44 0.9% 11.00 7.5% 55.29 54.4%

Yen 94.71 -0.20 -0.2% 4.58 5.1% -4.21 -4.3%

US Dlr 72.80 -0.15 -0.2% -3.96 -5.2% -28.62 -28.2%

Commodities

-----------

Aug

Cmmdty Jun-30 Mn Chg Mnth % Yr Chg Year % 2K Chng* 2000 %

------ -------- ------- ------ ------- ------ -------- ------

Gold $928.30 $36.80 4.1% $72.40 8.5% $638.70 220.5%

XAU 194.49 13.05 7.2% 21.17 12.2% 126.52 186.1%

Oil/Jl $140.00 $12.65 9.9% $45.35 47.9% $114.40 446.9%

XOI 1535.17 -34.42 -2.2% -24.53 -1.6% 1032.17 205.2%

CRB 462.74 40.57 9.6% 104.03 29.0% 257.6 125.6%

Foreign Markets

---------------

Exchng Jun-30 Mnth Chg Mnth % Year Chg Year % 2K Chng* 2000 %

------ -------- -------- ------ -------- ------ -------- ------

TSX 14467.03 -247.70 -1.7% 633.97 4.6% 6053.28 71.9%

IPC 29395.49 -2579.98 -8.1% -141.34 -0.5% 22265.61 312.3%

BVSP 65017.58 -7574.92 -10.4% 1372.71 2.2% 47925.58 280.4%

FTSE 5625.90 -427.60 -7.1% -831.00 -12.9% -1304.30 -18.8%

CAC-40 4434.85 -579.43 -11.6% -1179.23 -21.0% -1523.47 -25.6%

DAX 6418.32 -678.47 -9.6% -1649.00 -20.4% -539.82 -7.8%

MIB-30 30524.00 -3729.00 -10.9% -8361.00 -21.5%-12467.00 -29.0%

Swiss 6958.51 -552.78 -7.4% -1525.95 -18.0% -611.59 -8.1%

Nikkei 13481.38 -857.16 -6.0% -1826.40 -11.9% -5452.96 -28.8%

HngSng 22102.01 -2431.11 -9.9% -5710.64 -20.5% 5139.91 30.3%

AllOrd 5332.90 -441.00 -7.6% -1088.10 -16.9% 2180.40 69.2%

* Change since 12/31/1999

Soros blames Thatcher for credit crisis

From Times Online
Angela Jameson

George Soros, the billionaire investor, has called the current financial crisis the worst since the Great Depression and predicted that markets will fall further this year after a brief rebound. He has also blamed the present global credit crunch on the climate fostered during the 1980s reigns of Margaret Thatcher and President Ronald Reagan - who he says adopted a laissez-faire attitude that created the current housing bubble, which in turn led to the seizing up of credit markets and the rescue of Bear Stearns. It was during the 1980s that borrowing ballooned and regulation of banks and financial markets became less stringent. These leaders, Mr Soros told Bloomberg News, believed that markets were self-correcting, meaning that if prices get out of line, they will eventually revert to historical norms. "We had a good bottom," Mr Soros said yesterday, referring to the rally in stocks and the dollar after JPMorgan Chase & Co. agreed to buy Bear Stearns Cos. on March 17. "This will probably not prove to be the final bottom,'' he said, adding the rebound may last six weeks to three months as the US moves closer to a recession.
Mr Soros, 77, has returned to a more active role in managing the $17 billion Quantum Endowment Fund, whose profits pay for his philanthropic projects, because of his concerns about the state of money markets. "There is an increasing unwillingness to hold dollars, though there's a lack of suitable alternatives,'' Mr Soros told Bloomberg News. "It's a period of heightened uncertainty." Quantum returned an average of 30 per cent a year before Soros started using outside managers in 2000 for much of his money. Mr Soros's latest book, his 10th, was also released today. Called The New Paradigm for Financial Markets, the book explains the causes of the current meltdown, a crisis Mr Soros says has been in the making since 1980. It also lifts the lid on the trades he put in place this year to protect his wealth, much of it in Quantum. Mr Soros has bet on declines in the dollar, 10-year Treasuries and US and European stocks. He correctly anticipated that foreign currencies would rise, as well as Chinese and Indian equities. The latter bet helped Quantum return 32 per cent in 2007. Quantum's returns this year have ranged from up 3 per cent to down 3 per cent. The euro has climbed 7.5 per cent against the dollar this year and the Japanese yen has gained 9.1 per cent. These and other currencies may continue to strengthen, Mr Soros said. Federal Reserve officials dropped their benchmark interest rate 2 percentage points this year to 2.25 per cent, and Mr Soros does not expect the interest rate to go much lower, given the weak dollar. "We are close to the limit," he said. As for his wagers on developing markets, Mr Soros has not abandoned his holdings in India, even with the 22 per cent drop in the benchmark Indian index this year. "The fundamentals remain good,'' he said. He is less certain about what will happen to Chinese H shares, which trade in Hong Kong. The veteran investor has also predicted that credit default swaps - a way to bet on the creditworthiness of a company - could become the source of the next crisis because the market is unregulated. The credit default swaps market has a notional value of about $45 trillion - or about half the total wealth of US households. Mr Soros recommends the creation of an exchange with a sound capital structure and strict margin requirements, where current and future contracts could be traded. To avoid a super-bubble in the future, Mr Soros said banks must control their own borrowing. They must also curtail lending to clients such as hedge funds by demanding greater collateral and margin requirements on loans.

Desaceleración en Estados Unidos amenaza crecimiento económico mundial

Bloomberg

Martes 11 de septiembre de 2007

Nueva York.

El crecimiento económico mundial probablemente disminuya de manera considerable en los próximos meses conforme una flaqueza creciente en Estados Unidos se propaga a Asia y Europa.
Esto representaría un cambio respecto de los últimos 18 meses, cuando la economía mundial resultó inmune a la desaceleración estadounidense y creció a un ritmo de más de 5 por ciento.La diferencia esta vez es que el bajón estadounidense comienza a regarse del mercado nacional de vivienda a los consumidores que compran productos importados de compañías como Toyota Motor y el súbito aumento del costo de los préstamos que sucedió al colapso del mercado de las hipotecas "subprime", aquellas expedidas a personas con historial crediticio deficiente, está manifestándose ahora en ultramar, encareciendo los créditos en todo el mundo."El asunto será mucho más serio esta vez", dice Raghuram Rajan, ex economista jefe del Fondo Monetario Internacional y ahora profesor de la Universidad de Chicago. "No creo que el crecimiento vaya a desplomarse, pero se lentificará".Si el crecimiento en Estados Unidos cae por debajo de 2 por ciento desde un promedio de 2,3 por ciento en el primer semestre, la economía mundial puede padecer una desaceleración modesta a cerca de 4,75 por ciento, dicen los analistas de las firmas Morgan Stanley, Global Insight y Economist Intelligence Unit. El contagio de una recesión en Estados Unidos haría aún más daño, al reducir el crecimiento mundial a 3,5 por ciento o menos."Un problema de grandes proporciones""Si tenemos un problema de grandes proporciones en Estados Unidos, el resto del mundo sentirá un impacto", dice Otmar Issing, ex economista jefe del Banco Central Europeo.Teniendo ante sí una perspectiva mundial dudosa, los directores de bancos centrales de Inglaterra, Europa, Canadá, Australia y Corea del Sur se abstuvieron de subir las tasas de interés la semana pasada. En Estados Unidos, los operadores del mercado de futuros están apostando a que el presidente de la Reserva Federal, Ben S. Bernanke, y sus colegas bajen las tasas cuando se reúnan el 18 de septiembre.La economía mundial corre mayor peligro cuando un golpe, por ejemplo, los pronunciados aumentos del precio del petróleo en los años setenta afecta a Estados Unidos y otros países simultáneamente, según un estudio emitido por el FMI en abril. Esto es lo que parece estar sucediendo ahora, conforme los inversionistas y prestamistas mundiales se tornan más cautelosos como respuesta al aumento de las moras de prestatarios con historial crediticio deficiente.Ciertamente, la economía mundial está más fuerte que cuando los mercados de crédito fueron presa de la turbulencia hace diez años, lo que sumió a gran parte del Asia en una recesión.Aun antes del aumento más reciente del costo de los préstamos, había indicios de flaqueza en algunos de los mercados de vivienda más pujantes de Europa. Las obras de viviendas nuevas en España se desplomaron 21 por ciento en mayo, lo que borró casi del todo el crecimiento del año en ese país, en tanto los precios de las casas en Irlanda padecieron en julio su primer descenso anual en diez años por lo menos.En Wall StreetEl promedio industrial Dow Jones subió 14,47 puntos, o un 0,11 por ciento, a 13.127,85 unidades. El índice Standard & Poor"s 500 cayó 1,85 puntos, o un 0,13 por ciento, a 1.451,70 unidades. El índice Nasdaq Compuesto perdió 6,59 puntos, o un 0,26 por ciento, a 2.559,11 unidades. Las acciones de Bear Stearns subieron un 2 por ciento a 107,50 dólares, y encabezaron la subida de las corredurías. Apple Inc. le dio el mayor impulso al Nasdaq después que dijera que alcanzó el millón de teléfonos iPhone vendidos a pocas semanas del plazo que se puso para cumplir esa meta. Las acciones de Apple subieron un 3,8 por ciento a 136,71 dólares. Las acciones de Intel cerraron finalmente con una ligera caída, del 0,5 por ciento a 25,35 dólares. Más temprano, la empresa elevó las proyecciones de ingresos para el tercer trimestre y dijo que los márgenes brutos estarían en el extremo más alto de su rango de objetivo. Los futuros del petróleo crudo estadounidense subieron antes de una reunión de la OPEP, prevista para el martes. El crudo para entrega en octubre subió 95 centavos a 77,65 dólares por barril en las operaciones electrónicas. Crecimiento más lentoAun así, hay acuerdo en cuanto a que el crecimiento mundial se perjudicará, incluso entre algunos destacados partidarios de la teoría de que el resto del mundo puede "desengancharse" de los Estados Unidos, entre ellos Jim O'Neill, economista jefe de Goldman Sachs Group, y Stephen Jen, director de estudios sobre divisas en Morgan Stanley, ambos de los cuales trabajan en Londres.Si bien no prevé que haya un golpe "importante" en el 2007 en los 13 países que usan el euro, el primer ministro y ministro de Hacienda de Luxemburgo, Jean-Claude Juncker, dijo a los periodistas el 5 de septiembre que "podría haber un impacto más fuerte" el año próximo. Juncker es presidente de una comisión de ministros de hacienda de la zona del euro.