With a flamboyant downgrade of the outlook for economic growth, jobs and profits, Wednesday’s 280-point Dow plunge to start the so-called June stock swoon is a warning shot across the bow. The Dow tanked alongside a batch of dismal economic data. The ISM manufacturing index, ADP employment, Case-Shiller home prices and consumer confidence are all pointing to 2 percent growth or less, rather than the kind of 5 percent growth we ought to be getting coming out of a deep recession.
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