NEW YORK — Stocks slumped Wednesday in one of their worst showings this year as Greece, slogging through negotiations with other countries over a bailout, once again cast a long shadow over the financial markets.
What a difference a week makes. Last week as I described my 2012, economic outlook I undoubtedly came off as a pessimist rather than the “pragmatic optimistic” label I attached to myself. In my analysis, I indicated that other analysts might not be considering the full range of issues that could keep growth relatively modest throughout the year, including the influence of the EU sovereign debt crisis, the uncertainty regarding the state of consumer finances and the over-estimated strength of labor markets.
WASHINGTON — The government on Thursday said it would adopt strict new limits on using chimpanzees in medical research, after a prestigious scientific group recommended that experiments with humans’ closest relative be done only as a last resort.
In what now seems to be a weekly ritual, U.S. financial markets fluctuated throughout the past week based upon anticipated future economic and political developments. But as has become more and more common, it is not the potential outlook for our country that has memorized financial market participants, but rather that of the European Union’s 27 country confederation, or even more specifically, the euro-zone’s 17 member nations that utilize a common currency, the euro.
BRUSSELS (AP) — The European Union said Friday that 26 of its 27 member countries are open to joining a new treaty tying their finances together to solve the euro crisis. Only Britain remains opposed, creating a deep rift in the union.
BEIRUT (AP) — Syrian security forces fired on anti-government demonstrations across the country on Friday, killing at least 24 people — including several children — as the regime tries to choke off a 9-month-old uprising, activists said.
BRUSSELS (AP) — European leaders were wrestling Thursday over how much of their sovereignty they are willing to give up in a desperate attempt to save the ambitious project of continental unity that grew from the ashes of World War II.
BERLIN — European nations were pressed Tuesday by a credit downgrade threat and the U.S. Treasury chief to deliver on markets’ huge hopes for a solution to the 2-year-old financial crisis engulfing the continent. Germany and France downplayed Standard & Poor’s warnings to downgrade 15 eurozone nations and Europe’s bailout fund. But a downgrade of their AAA ratings would complicate their efforts to restore investor confidence in Europe.