Tumbling stocks trouble investors

August 3, 2011 2:31:50 PM PDT
For an eighth day in row, investors watch stocks tumble causing worries that the economy is worsening.

"I think it has created a lot of concern in terms of earnings and profitability. And the stock market has really gotten clobbered especially in the last week," said economist, Maria Fiorini Ramirez.

Maria Fiorini Ramirez, who heads mfr, global economic consulting service points to a turnaround from the promising growth we saw 6 months to a year ago.

And need only ask workers the biggest concern.

"People have to survive. They have families. We have to find jobs. We have to. It doesn't look very good," said retail worker Trina Fox.

Laura Gonzalez is professor of finance at Fordham University.

"We are not growing enough and we have not give a strong enough signal to the markets so that the companies here and abroad start taking risks and making investments and start hiring people," Gonzalez said.

President Obama plans a tour of the Midwest later in the month to gain ideas on how to boost jobs.

"Business is hearing the message from the president. But hard to execute the request," Maria said.

(Retail) consumer spending is also slowing. People are trying to save more and cutting back.

"Cut back on how I go out to eat, my eating habits. My movies, I can't afford them like I used to. Just average things I used to do, I can't," said cement mason, Tommy DiBiase.

Even with the growth that is slowing, the White House does not believe we are heading back into a recession.

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