The year is nearly halfway over, and Wall Street appears to be on even shakier ground than when it began 2008. And this shortened week ahead of the Fourth of July holiday is unlikely to bring the market enough proof that the economic climate is improving.
The Dow Jones industrial average is down more than 14 percent for the year and has given up all the gains it made since September 2006.
Back in January, investors knew there was potential for the price of oil, which was on the verge of $100 a barrel, to keep rising, but most didn't predict crude would surpass $140 a barrel. Economists figured that home prices had further to fall, but no one was sure how much. And when banks said the worst of the credit crunch was behind them in January, and then again in April, traders believed them.
Now, all the angst that has upended the stock market over the past year is back and more intense than ever. The main reason is that there is no historical precedent for what's happening in either the energy or credit markets.
