WASHINGTON (5/26/10)--The uncertainty across global markets from Europe's debt problems and the tension between North and South Korea was reflected in Tuesday morning's negative stock market numbers. But the effects of Europe's debt won't be devastating to the U.S. economy, Credit Union National Association (CUNA) senior economist Mike Schenk told TheStreet.com (May 25). The Dow Jones Industrial Average had dropped 1.3% to 9,934. The S&P 500 lost 1.3%, to 1,060 and the Nasdaq lost 2.1%, at 2,168, said the article. "Equity markets thrive when there's certainty, and clearly we don't have that right now," Schenk told the publication. "There's a sense that once we have more clarity, we'll be able to see that we're going to get through this and that we'll be okay," he added.. "Now, I'm not saying that European debt issues won't drag on U.S. economic growth. I think it'll have an effect and it'll be a noticeable effect, but it won't be devastating," Schenk added. He noted that Tuesday's market numbers "is really being driven by Europe, but all the U.S. data we're getting is showing that consumers are in a much better place and even the housing market is in a better place--and that's what's pulls us out of downturns. "I'm not saying the data is being ignored, but the emphasis is in other places," Schenk said. "Once the market gets more clarity, I think the data we've been seeing will help the market stabilize." For the full article, use the link.