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COMMENTS: Here Come Da Bear
On Wall Street, the Dow Jones Industrial Average declined to 11215, a 20% decline from last fall's highs, a statistic that marks the nominal beginning of a bear market. ABC's Betsy Stark previewed a year of sluggish economic growth ahead while CBS' Anthony Mason and CNBC's Philip LeBeau on NBC both zeroed in on DJIA component General Motors, whose stock price is no higher now than it was in 1954. GM may need to raise $15bn in capital to avoid bankruptcy. The high price of oil has triggered a research-&-development boom in alternative energy supplies, ABC's Dan Harris told us, with $148bn annually invested by venture capitalists and other technology funds.
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