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February 28, 2008
GOOD DAY FOR: American supremacy, after Brazil overtook China as the largest emerging market, as measured by leading stock index. Brazil’s benchmark Bovespa index rose above the Shanghai Composite, according to Citigroup, thanks to strong growth in state-run oil giant Petroleo Brasileiro. The MSCI All Country World index now ranks Brazil as the world’s 10th largest market. (MarketWatch)
BAD DAY FOR: Nest eggs, as more and more workers are dipping into their 401(k) retirement accounts as other loan sources dry up amid the credit crunch and housing rout. According to a new study, 18 percent of workers had a loan from their retirement account in 2007, up from 11 percent in 2006. Experts generally frown on such loans. (The Wall Street Journal)
of The Week magazine.