Economy: A Hot Tip Topples

Nothing excites Wall Street more than a hot rumor. After months of dismal economic reports, investors were ready to jump on anything that hinted that the recession was bottoming out. They got their chance last Tuesday when word spread in the stock market that the University of Michigan's early January survey of consumer sentiment would show a dramatic upturn. The results of this particular poll were greatly anticipated because it was taken shortly after the Federal Reserve slashed interest rates at the end of December. Word of the alleged rebound in consumer confidence caused the Dow Jones industrial average to shoot...