This is the reason for the recent move in the DOW. Nothing too...

This is the reason for the recent move in the DOW. Nothing too serious. However the last paragraph is interesting.

Bad news for Ireland this morning -- its service sector slumped badly last month, raising fears of a double-dip recession.

Data from Markit this morning showed that activity in across Irish services companies fell in December, to 48.4 on its PMI index. That means that the sector shrank (the 50-point mark separates expansion from contraction).

It's also the lowest level recorded since December 2010, and suggests that Ireland's tough austerity package is continuing to strangle economic growth in the country, pushing it back into recession.