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 don’t like drive off a cliff...in your car.
Depending on who is driving it might be worth it.
Wall Street, speaking truth to power.
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