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New York - U.S. Stocks Tumble More Than 300 Points Ends Below 8,000 |
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Stocks have been lower all day but paused in their descent briefly as Barack Obama was sworn in as the 44th president.
Expectations for the Obama administration are running high in the face of the deepening recession, questions over the use of TARP funds, the bailout of the Big Three auto makers and more.
The market could enjoy an Obama honeymoon, Brent Wilsey, president of Wilsey Asset Management, told CNBC.
"When I feel the optimism today, how excited everybody is, I think he will have some honeymoon here," the president of Wilsey Asset Management told CNBC.
But the odds were stacked against any Obama rally starting today: The Dow Jones Industrial Average has fallen 72 percent of the time on past inauguration days.
The biggest drag was bank stocks, which continued to get pounded amid a fresh wave of bad news from the sector, both in the U.S. and abroad.
The three biggest drags on the Dow were Bank of America, Citigroup, and JPMorgan all down more than 10 percent.
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Read Comments (6) — Post Yours »
1
Jan 20, 2009 at 05:08 PM day trader Says:
great way to start off !!!
gives u a little idea what we got coming
2
Jan 20, 2009 at 04:59 PM Anonymous Says:
so now is starting to see the CHANGE of obama
3
Jan 20, 2009 at 04:44 PM Anonymous Says:
a dank inzer niye prezident er hut arein getreiten mit a linke fis
4
Jan 20, 2009 at 08:37 PM shmuck Says:
Thank you obama Wall street don't play
5
Jan 20, 2009 at 09:15 PM Anonymous Says:
“ great way to start off !!!
gives u a little idea what we got coming ”
He's already been president for half of one day. Where's the change? How come the recession is not over already?
Are you now going to blame the recession and the wars on him? Obama has said many times "it's going to get worse before it gets better".
Give the guy a chance. Many posters are *hoping* that things will get worse so they can blame it on Obama. They want so much for him *not* to succeed. Why don't you instead become part of the solution?
6
Jan 20, 2009 at 11:00 PM Anonymous Says:
From the time Obama started pulling ahead in the Primaries the markets have been free-falling. Also the Markets have been shaken by the Democrat congress the last two years: Marxists and Financial markets are a bad blend - Obama is a Marxist and thus the markets sink.