Markets rally after volatile trading day

WOODBURY - All eyes were on the markets today following a steep selloff yesterday, and the Dow did not disappoint, rallying in the afternoon and preventing a record nine-day loss. The Dow inched up 29 points, closing at 11,896.44 following a volatile trading day that had left many Long Island investors rattled. According to economist Dr. Pearl Kamer, there have been very weak economic indicators over the past month or two, which point to the beginning of another downward trend. With the prolonged impasse on Capitol Hill, Kamer says there were real fears that the U.S. would default on its debt for the first time in history. President Barack Obama signed a bill yesterday to raise the nation's debt ceiling, but that legislation also calls for $2.1 trillion in cuts to government spending over the next decade."We cannot accumulate debt at the present rate, and yet cutting federal spending is a big risk in a weak economy," Kamer says.

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