Stock markets in Europe and Asia came under intense selling pressure overnight and this carried over into U.S. financial markets Friday morning. Major stock indexes opened down this morning, but bounced off the worst levels by mid-afternoon.

This has been one of the most difficult periods we can remember for investors— the U.S. economy is probably already in recession, and the S&P 500 Index has now declined about 40%ⁱ year to date.

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