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American Morning

In Retrospect, Grueling Summer for Markets

Aired September 03, 2001 - 09:14   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
LEON HARRIS, CNN ANCHOR: And we are back at 14 minutes after the hour on this Labor Day, a holiday, during which the markets are closed, but we still do have some financial news to talk about.

And for that we check in now in New York with David Haffenreffer.

David, what gives? I thought you were one of the big dogs, man. You got on the holiday too?

DAVID HAFFENREFFER, CNN CORRESPONDENT: Are there any big dogs? I mean, come on. You got to come in on a day like today.

HARRIS: Well, good to see you.

HAFFENREFFER: Leon, many taking a very well-deserved day off today, Leon, it has certainly been a grueling summer on the street as stocks gave back all of the gains that we reaped from the spring rally.

We've now hit unofficial end of summer, at lowest level since my April. Since Memorial Day the Dow Jones Industrial Average has fallen 9.5 percent, Standard & Poor's 500 Index down 11 percent, and the Nasdaq Composite, get this, tumbled 19 percent.

And if history is any guide don't look any quick turnaround, September is historically one of the worst months of the year.

Well, bankruptcies hit a record high last quarter, topping 400 thousand for the first time ever, but the struggling economy was not the only reason for the big jump. According to "Lawyers Weekly U.S.A.," many individuals and businesses are rushing to file for bankruptcy protection before new laws are expected to make it harder to file. The report says, the pending bankruptcy reform act is expected to be enacted by Congress later this year.

And most people are happy to get a day off from work today. But what bugs people most about their jobs? Well, a poll by cnnfn.com and money.com found a surprising answer: lack of control. Of 27 hundred respondents, 18 percent said lack of control over their assignments irked them the most in the workplace. And not surprisingly, pay came in second. And 13 percent, Leon, 13 percent found their boss to be the worst of their job.

And that is the latest business news. Colleen and Leon, I guess, back to you.

HARRIS: David, I'm surprised that 13 percent wasn't a little bit hirer.

HAFFENREFFER: No comment.

HARRIS: But that's we don't conduct polls.

All right, thanks, buddy. We'll see you later on.

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