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As markets drop, take the long view
• That’s the advice of Neil Irwin, one of our economics correspondents, after the Dow fell 1,175 points on Monday, its largest single-day point decline ever. Here are four takeaways from the sell-off.
He reports that the slump returned the market roughly to its level in mid-December, less than two months ago, and that it seems more worrisome than it is.
Stock markets in Asia and Europe fell today, and Wall Street opened lower but then recovered.
Our DealBook columnist, Andrew Ross Sorkin, attributes the turmoil to investors’ belief that President Trump’s policies to stoke growth are going to work, but so much so that they’ll overheat the economy.
Mr. Trump took credit for rising stocks at least 25 times in January alone, even though most presidents scrupulously avoid talking about short-term market trends. The past few days demonstrate why. He didn’t mention the recent decline during a speech about the economy on Monday. (Indexes remain well above where they were when he was elected.)
Listen to ‘The Daily’: Spying on AmericansThe Republican push to release a classified memo has brought new attention to the effort to balance national security concerns and civil liberties.Michael Jordan during All-Star weekend in Chicago in 1988.Credit…John Swart/Associated Press
In the final round of the slam dunk contest, in which judges award competitors’ creativity, Jordan faced Dominique Wilkins of the Atlanta Hawks.
In one of his final dunks, Jordan dribbled from the far end of the court and leapt from the foul line, 15 feet from the basket. Back arched, legs trailing behind him, Jordan sailed through the air with one hand pushing the ball toward the basket. The judges awarded him a perfect score.
The overall win could easily have gone to Wilkins, but Jordan was performing in front of a hometown crowd in Chicago, which “surely had some influence on the slam dunk judges, and galvanized his All-Star teammates, to say nothing of their considerable effect on The Flying Machine himself,” The Times reported.
The next day, Jordan would go on to score 40 points in the All-Star Game.
“This was,” Jordan said, “a picture-perfect weekend.”
Remy Tumin contributed reporting.
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