The founder of a New York-based investment firm on Tuesday warned about not dealing with the massive budget deficits the U.S. government is running.
Renee Haugerud, founder and chief investment officer of Galtere Ltd., said other nations will take their money out of the U.S. if the government won’t manage its finances. Speaking at the Mayors’ Business & Industry Appreciation breakfast, she also predicted a relatively slow-growing world economy moving ahead.
On Wall Street, stocks staged one of their strongest rallies of the year Tuesday, erasing a big decline from the day before, after a Federal Reserve official said he supported more measures to stimulate the economy.
The Dow Jones industrial average shot up 162 points, and every major category of stock in the U.S. market closed higher.