New York – Stocks tumbled Thursday as anxiety about how to fix the crippled financial system pushed the Dow to its lowest level in more than six years.
Subscribe to our Daily Roundup Email
The Dow Jones Industrial Average shed about 90 points, ending around 7,465, the lowest close since October 2002.
There was plenty of bad news weighing on the market: A dismal manufacturing report and weak outlook from Hewlett-Packard. But market pros said that wasn’t it.
“There’s no question that we’re going through a testing process. The market is just focusing on negative news and ignoring the positive news,” Peter Cardillo, chief market economist at Avalon Partners, explained, citing the market’s indifference to today’s jump in leading indicators.
The real problem, Cardillo said, is that none of the Obama administration’s stimulus plans explain how the nation’s financial system will be fixed. The market “will continue to ignore any good news until the banking system is fixed,” he said.
Obama has no plan to fix the markets
we knew that this was going to happen….its not going to get better any time soon….obama thought he can change the economy….well HK”BH heard him say he wants to change the world….well since he became the president, the economy got worse,not better…..well he was right-to change the world….we Yidden just have to keep on davening….even if our economy is sinking, our Emunah should keep rising……
the dow jones is down 1853 points since obama got elected- that was only 4 months ago
that is probally the worst performance on record
Can anyone out there remember a president repeating over and over how things are going to get WORSE? In my 40+ years I never heard a prez no matter what side of the political spectrum he was on say this.
He is America’s worst nightmare!
5,
Acually since The Obama won the primaries and he was “ahead” in the polls, the dow is down about FIVE THOUSAND POINTS. Why?? Simply becasue investors know he has no clue being that he is a socialist.