Philly Fed Index Hits Market Hard

Stocks fall, gold's at a record high, and a recession may be just around the corner

The Philly Fed’s economic index certainly didn’t help the market today as the Dow Jones industrial average was down 409 points at noon. A lot of that is attributed to the contraction of manufacturing in Philadelphia and the surrounding region, as indicated by the Federal Reserve Bank of Philadelphia’s general economic index of -30.7 for August. But, hey, gold’s up. So at least we know Mr. T will make it out alright. []