THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Saturday, June 15, 1996 TAG: 9606150018
SECTION: FRONT PAGE: A10 EDITION: FINAL
TYPE: Letter
LENGTH: 24 lines
The announcement that May brought with it 384,000 new jobs would appear to be a positive and welcome development.
Not so fast!
Check the market! Stocks and bonds take a deep dive driven by speculation that the Federal Reserve may raise interest rates.
A company has a good quarterly statement, but not up to the ``expeculation'' of market analysts: Its stock drops.
A firm's decision to eliminate several thousands of jobs spurs speculators to rub their hands and heist the stock a few points.
Is the U.S. economy becoming a ``gaming play'' in the hands of speculators?
Is the muscle of mutual funds creating a spastic market that has CEOs transfixed, investors worried and the economic stability of the country spinning on a roulette wheel?
HARRY K. SMITH
Edenton, N.C., June 9, 1996 by CNB