New York
IF measured by news headlines, you might assume these are dire times in the financial markets.
There is a "market meltdown" in the United States and "ugly, ugly scenes" in the European exchanges. Evidence of higher wages was "whacking" global markets last week, while higher bond yields threatened to "topple" a multiyear rally. Last Friday, the Dow Jones industrial average fell by 666 points, as if scripted by a devilish hack, which was followed by an even steeper decline on Monday, amid erratic trading.
There is an important idea to keep in mind at a time like this: Take the long view.
This market decline so far has returned the market roughly to its level in mid-December, less than two...
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