Skip to comments.Street Shuns Obama's Welcome
Posted on 01/20/2009 1:58:50 PM PST by Smogger
President Barack Obama called for swift action to create jobs and restore the vitality of the U.S. economy during his inaugural address, but investors are having a hard time looking past the ongoing financial quagmire, and Wall Street paid the price on Tuesday.
Stocks ran red across New York's exchanges, with declines outnumbering gains by nearly 5-to-1. The steepest declines came out of the financial sector, after Royal Bank of Scotland (nyse: RBS - news - people ) warned it could book a $41.3 billion loss and the British government stepped in with a second rescue plan for the nation's banks. With investors already wary of the U.S. banking sector, the news from across the pond pushed a jittery market over the edge. (See "RBS' Fork In the Road.")
(Excerpt) Read more at forbes.com ...
You know this is kind of fun.
when do we bottom out? 7,000? 6,500?
Not fun to investors. Dow down over 300 today, every one of the thirty stocks down! IBM, though, had a good quarterly earnings report after the market closed.
Boy, am I glad I went to an all cash position last August! LOOKOUT BELOW!!
Yeah, great fun —like watching someone you don’t like drive off a cliff...in your car.
If conservatives ever hope to regain any measure of relevancy, they have to offer more solutions than blame.
My brother thinks the S&P will finish the year at around 350.
I told him he’s crazy, but now I’m not so sure...
They'll never go back to fending for themselves.
Nonesense. They can do both at the same time.
“... they have to offer more solutions than blame.”
It works great for the Dems...monkey see, monkey do.
It sure did! Russell 2000 down 7%. Small Business got the worst of it today, both from the market and from the implications of what the messiah did and did not say. Be afraid, be very afraid.
Dare we call today’s carnage: Black Tuesday?
New Years day I told my wife 3500 by the end of the year. Harder times coming!
I didn't see nor hear The Messiah. What could he have possibly said that was a negative surprise to the markets?
She tried to sing My Country tis of thee
Yeah, great fun like watching someone you dont like drive off a cliff...in your car.
Depending on who is driving it might be worth it.
Wall Street, speaking truth to power.
Kinda hard for the media to spin a 300 point drop as positive. I can’t wait until in falls below 1000.
When people are fearful, they take little satisfaction in assigning blame. During bad times blame becomes a luxury.
I told mine 5,500. However, I am not feeling that optimistic now.
According to the lefties, government is truth and Wall Street is power. How perverse their ideology is!
They should read the papers more often. The copy of USA Today that was left outside my hotel room door this morning proclaims it big letters "A day for history. Obama takes power.".
don’t the LIB’S do that ( sarc )
You need to get out, while there's still something left. You should have fled the market on one of those little mini-rallies to 9000, that's the best we're going to see until November, 2010 at the soonest. And that's only if we get the House back.
The problem is this low is where the Obama economy begins and as it goes up it will look like he fixed Bush’s broken stock market.
I'll give her credit, she is old. She's the last musician left from "The Blues Brothers" movie from nearly thirty years ago.
Now, as to that goofy 'poetry', what was that crap all about? Made Maya Angelou sound literate!
What’s ‘good’ for IBM? Met targets? It might add to a good tone tomorrow, like INTC helped friday.
But the retest of the 7500 low seems almost inevitable. there is no real support between 7500 and 8000. 8000 was major support level.
“The problem is this low is where the Obama economy begins and as it goes up it will look like he fixed Bushs broken stock market.”
True. they will phrase it as such. And in fairness, Obama is inheriting a mess. But the reality is this:
Since Obama was elected, the market has fallen by 23%. Markets dont judge the past, they discount the future. Our future is less bright under Obama. And the mess was created in large part by a Democrat Congress that has ruled, and Obama was a part of, since 2007.
This is a post-Obama-election bear market, and the first fruits of Democrat policy.
As Jeff Macke (the bald guy on CNBC’s Fast Money )said a half hour ago-—” at this rate, the Dow is 24 days from ZERO”—in a brief roundtable back and forth about what each of the Fast Money guys would say over the next day or so to the “economic advisers” sitting with Obama.
I don’t think they’ll quite act in time.
I don’t see any reason why the market would go up
as quickly as it went down today, a drop that was unprecedented in Inauguration Day history since the Dow began. I am no financial expert or predictor of trends
but I think the Dow could go down even more, causing a run
on banks VERY SUDDENLY if the bailout monies that have already been disseminated is not allowed to come out and circulate.
I think it was generally earmarked for “Housing” instead of “Banking”, though. THese new Bimbos better understand
they MUST do something practical about the domestic situation, and scrap all the rest of this vapid rhetoric about EVERYTHING ELSE.
“but investors are having a hard time looking past the ongoing financial quagmire”
obama ‘s fault.
Obama lied and many died.
Blue chips are OK. They are “too big to fail” and they have too many Democrats on their boards for Big Brother to let them.
Very true. So the coronation today should have already been discounted for. What negative surprise spooked the stock market today?
My microwave oven died today—Dumbo’s fault, I need a bailout.
Not as much a surprise as an affirmation that all the centrist talk was just that - talk.
Wall Street basically said to obozo’s admin, “FY!”
Give all Blacks a badge and a federal job.
“What negative surprise spooked the stock market today?”
1) the fallout from London and Dublin nationalizing banks had the markets open lower.
2) The market hadnt counted on how awful Obama was in his inaugural address and what a downer he was. Half the loss was after 12pm.
back up a bit on weds. so be it.