四级复习资料大全阅读(14)_大学英语阅读

四级复习资料大全阅读(14)

　　Passage 4

　　Stock prices tumbled on Wall Street and across much of the rest of the world yesterday. They were driven sharply lower by worries over slowing economic growth in the United States and worsening borrowing conditions that could make everything from huge corporate buyouts to buying a new home more difficult. Major stock market gauges -- including the Dow Jones industrial average and the Standard Poors 500-stock index -- were down more than 2 percent.

　　It was the worst one-day decline on Wall Street since markets plunged worldwide in late February after an investing scare in Shanghai, and it occurred amid the biggest volume of trading on the New York Stock Exchange in five years. Losses were comparable throughout Europe, and larger in many developing countries. The preconditions for a shock are in place, said Mark Zandi, chief economist at Moodys Economy.com. Until very recently investors were very nonchalant about risks.

　　Stock markets have been volatile in recent weeks. Continued strong profits for many companies and an economic boom in Asia have helped push oil prices higher. Meanwhile, however, there are various signs of weakness in the American economy and new difficulties in borrowing for many homeowners and companies that are highly leveraged or have poor credit.

　　The plunge came a day after the private equity firm buying Chrysler from DaimlerChrysler said it would complete the transaction for the automaker despite an inability to borrow the money in credit markets, as had been planned. Banks will hold those loans, as they will for a similar deal involving Alliance Boots, a British pharmacy chain. Shares of DaimlerChrysler fell $4.11, to $88.91. There is fear, but not a fear of recession, said Bill Gross, chief investment officer of the Pacific Investment Management Company, known as Pimco, a large bond management firm. The fear is directed toward the question of who will be willing to lend $200 billion to provide takeout financing for previously announced private equity deals.