Fortunes on Wall Street this year could hinge less on what’s happening to high-paid workers in San Francisco’s reeling technology sector and more on a familiar part of American life: the working class.
The Dow Jones Industrial Average DJIA booked a gain of 700 points, while the S&P 500 index SPX and Nasdaq Composite COMP snapped a four-week losing streak. Amazon.com Inc. AMZN this week confirmed total cuts of 18,000, while Salesforce Inc. CRM said it would reduce its staff by about 10%, adding to a barrage of pink slips across many of the biggest names in tech.
Another facet has been that a decade of low interest rates and a deluge of pandemic fiscal and monetary stimulus has made this economic slowdown look anything but ordinary.
The main issue is out of control government spending. The bill passed during the pandemic isn't the issue it is the bills passed after the crisis had passed (from 2021 on). Paying people not to work is the problem.
Well they don’t care about typical humans
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Source: MarketWatch - 🏆 3. / 97 Read more »