Transcript for Dow Suffers Worst Day in Seven Months
Thousand to Wall Street, cold there, as well. Stocks sank on Monday. The worst day in more than seven months, the Dow plummeted more than 300 points or 2%. ABC's Rebecca Jarvis is here with the latest on what it means for your wallet and hopefully better news. Slightly better news this morning. I'll give it to you. The selling pressure did continue overnight in world markets but here in the united States, stocks are pointing to a slightly higher open this morning. As investors are hopeful there's some new information coming out on manufacturing that's going to show a lift in the economy. Stocks have still struggled so far this year. They've been dropping with the thermometer as weaker than expected news on jobs and manufacturing has been coming out, also, the fears that this cold weather which drove a number of businesses to a halt all of those closures, the school closures is going to have a longer-term spillover effect. Think about it, people stay out of work, they don't get paid. They don't spend as much money. They're not going to the stores but also people are concerned about the retirement funds. Of course, this is having an impact there too. We started out the year, the typical American family's 401(k) Down 5.8%, around $100,000 at the beginning of the year, now it has lost $6,000 in light of this but you have to look at the big picture. Last year was strong, this year is starting out weak. It averages out. You're actually up. I know, just be patient. All right, Rebecca, thank you.
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