President Obama Sends Wall Street Plummeting

Greed, Wallstreet, Our Politicians & the Halls of Congress……..

Wall Street jeered while Washington cheered on Inauguration Day, with a stock selloff that sent the S&P500 Index down more than 5 percent.

 Bank and financial stocks led the Tuesday selloff after a number of ratings downgrades and growing concern bank losses will mean financial companies will need to find new ways to raise capital.
 
Bank of America (NYSE: BAC) fell 28 percent to $5.10 per share. Citigroup (NYSE: C) lost 20 percent, falling to $2.80, while PNC Financial (NYSE: PNC) droppedl 41 percent Tuesday to $22 per share.
 
State Street Financial (NYSE STT) reported bond losses more than doubled, sending its share down 59 percent to $14.89.
 
By the closing bell, the Dow Jones industrial average was down 322 points, closing under 8,000 to 7949.09. The S&P500 Index dropped 45 points, or 5.28 percent. The Nasdaq Composite Index lost 88 points, or 5.8 percent.
Rarely has the Dow Jones industrial average gained or lost more than 1 percent during Inauguration Day trading in the last 80 years. In only five sessions has the Dow moved more than 1 percent.
Obama = Change…..it appears to be the case, just not the type of changed his followers had “hoped” for.
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2 Responses

  1. Obama got what he wanted and that’s all that matters to him. The rest of us can go to hell.

  2. Folks, do a little homework instead of simply passing on what you hear from others. The market dropped handily on the last five inauguration days! The market Wednesday regained Tuesday’s loss. And so it goes.

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