A Ripon College economics professor says the overall U.S. economy remains strong despite the tumble on Wall Street this week. U.S. stocks closed lower Tuesday after falling sharply in the final hour of trading. Stocks surged early in the day, rebounding from a big sell-off on Monday after the Chinese central bank said it was cutting interest rates to shore up its economy. However, investor confidence remains fragile after a series of big drops in recent days and the market suffered a dramatic reversal in the final hour of trading. The Dow Jones industrial average fell 204.78, or 1.3 percent, to 15,666.44 The Standard & Poor’s 500 index dropped 25.60 points, or 1.4 percent, to 1,867.62. The Nasdaq composite dropped 19.76 points, or 0.4 percent, to 4,506.49. Professor Paul Schoofs says consumer confidence has rebounded and other economic indicators continue to show slow, but steady economic growth. Schoofs says fears that we are headed for another recession are unfounded. “I think that we’re going to continue to see fairly slow growth. It should be better than that,” Schoofs told AM 1170 WFDL’s Between the Lines program. Schoofs says while slow growth is not bad, its still disappointing.
