Bill Deeley The existence of Santa Claus, the Easter Bunny and The Great Pumpkin is debated every year by great minds and sidewalk philosophers. But without fail, every year since February 2, 1887, Punxsutawney Phil has emerged from his burrow on Gobbler's Knob to face very cold human beings. According to legend, if the world-famous Pennsylvania groundhog sees his shadow, there will be six more weeks of winter weather. If he does not, there will be an early spring.
Punxsutawney Phil saw his shadow this morning. Does that mean another six weeks of horrific stock-market losses? The worst January for stocks in history is over. But so far, February is looking no different, with the Dow and S&P 500 each falling about 1% early Monday morning before recovering as the trading session wore on.