The major markets continued in their volatility this week, this time swinging down: the Dow finished the week down 2.94%, the S&P 3.64%, and the Nasdaq 3.74%.  The slide was despite a better-than-expected jobs report and durable-goods orders. As noted earlier, volatility is unnerving, but we still think the economy should continue pushing upward.

The European debt crisis continues to be the buzz in the media. After some analysis, we believe that, discounting currency changes, a slowdown in European growth might not be all that terrible for the U.S. economy. Look for a more thorough report on the subject from us in the coming two weeks or so.

This week’s factoid:   The Center for Economics and Business Research (CEBR) in London estimates that $4.8 billion in productivity is lost worldwide due to the World Cup.