I Timothy 6:9-10 But they that will be rich fall into temptation and a snare, and into many foolish and hurtful lusts, which drown men in destruction and perdition. For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.
The Dow Industrial Average fell 160 points Monday morning (1.2%) over concerns of economic instability in Europe and China.
Impending power changes in the French and Dutch governments are causing concern among world wide investors.
The Dow was also dragged down by a dip in the stock price of retail giant Wal-Mart after revelations of a bribery scandal involving the retailer’s Mexican division. Shares dropped 5% for the company and 12% for it’s publicly traded Mexico Unit. Wal-Mart says it’s investigating the charges.
Douglas DePietro, head of equity sales trading for Evercore, told CNNMoney that more disruption could happen later this week as major corporations are due to report earnings for the first quarter and a statement from the Federal Reserve Chairman on Wednesday.