The Presidential Daily Brief

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    Investors Exhale After Wild Ride

    It was the most tumultuous week for global stock markets in years. It seemed the bottom had dropped out of Chinese markets, and U.S. stocks’ immunity to Asia’s woes wore off, triggering a series of scary drops followed by record gains. Even though U.S. indexes rose slightly for the week, $29.5 billion drained from equity-based funds. And rather than beat a hasty retreat to bonds, many investors opted for cash, boosting money markets by $22 billion and increasing pressure on the Fed to restore calm by backing off plans to raise interest rates.

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