New York – The Dow ended below 8,000 for the first time since late November as bank stocks took a beating over profit worries.
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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.
a dank inzer niye prezident er hut arein getreiten mit a linke fis
so now is starting to see the CHANGE of obama
great way to start off !!!
gives u a little idea what we got coming
Thank you obama Wall street don’t play
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.