Market Insider hears that Morgan Stanley Dean Witter is looking into whether data users will spend more or less money on purchasing market data in 2001. Howard Penney, principal and small company strategist, is directing the study. Penney says that Morgan Stanley's economists believe a recession already has begun in the US. The 53 percent decline in the Nasdaq index from a closing high of 2,841 on March 10 to a low of 1,353 on Dec. 20 probably was enough to spook the folks on Wall Street.

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