- The Dow has fallen about 11% since Election Day.
- The Dow’s fall on Obama’s Inauguration Day was the worst Inauguration Day decline in history.
- The Dow fell 384 points on Feb. 10, the day Treasury Secretary Geithner unveiled his financial stability plan.
- The Dow fell 298 points on Feb. 17, the day Obama signed the Stimulus Bill.
- The Dow fell to an 11-year low on Monday, following weekend reports about the government’s potential new plan to bail out Citigroup.
- The Dow fell nearly 200 points intraday Wednesday following Obama’s generally well received speech Tuesday evening. (The index did recover some lost ground, even briefly trading positive in the afternoon, before closing down 80 points as Treasury announced yet more bailout options for banks.)
Comment:
Going further, the Deal Journal gives the President some tips on how to make nice to the market and stop being Obummer.
The budget numbers are out, and they aren’t pretty, projecting a $1.75 million deficit for the year and including a provision to auction off permits to exceed carbon emission caps (frankly, this sounds like the sale of indulgences by popes during the Middle Ages – only now, we’re all so much more enlightened...). This might tank the Dow even more,…
Especially if it also takes a look at GM’s horrible numbers (a $9.6 bn Q4 loss and a decline in its cash position from the previous quarter of $2.2 bn ($16.2 bn to $14 bn). And let’s see what London’s FTSE will do now that Royal Bank of Scotland has announced the biggest annual corporate loss in UK history ($34.2bn/24.1 bn BP)