Comments for ABC News: Wall Street Tumbles as Obama Takes Office »
Posted By y_soitenly 11 months, 1 week ago in Business & FinanceNEW YORK (AP) -- The dawn of the Obama presidency could not shake Wall Street Tuesday from its dejection over the banking industry's growing problems. After hearing the new president's inaugural address, investors continued selling, sending the major indexes down more than 2 percent.
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nostalgia11 months, 1 week ago
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Congress is getting ready to throw money at everything:
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Illegal Immigrants and Families Making $61K Could Qualify for Federal Help Under SCHIP
The CBO doesn't think the stimulus bill will have any effect quickly:
Less than half of the $30 billion in highway construction funds detailed by House Democrats would be released into the economy over the next four years, concludes the analysis by the Congressional Budget Office. Less than $4 billion in highway construction money would reach the economy by September 2010
The economy has been in recession for more than a year, but many economists believe a recovery may begin by the end of 2009. That would mean that most of the infrastructure money wouldn't hit the economy until it's already on the mend.
Overall, only $26 billion out of $274 billion in infrastructure spending would be delivered into the economy by the Sept. 30 end of the budget year, just 7 percent. Just one in seven dollars of a huge $18.5 billion investment in energy efficiency and renewable energy programs would be spent within a year and a half.
And other pieces, such as efforts to bring broadband Internet service to rural and underserved areas won't get started in earnest for years, while just one-fourth of clean drinking water projects can be completed by October of next year.
http://www.google.com/hostednews/ap/article/ALeqM5...
What news was there for Wall Street to like? -
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mntnman444Comment removed: Spammer, Hard Banned
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y_soitenly11 months, 1 week ago
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GWHayduke,
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You're a day late and a dollar short.
The article I posted was on Jan.20th, 2009. This is how the day ended on Wall Street for Jan. 20th, 2009:
Any optimism that stemmed from the inauguration of President Barack Obama was quickly overcome by continued dour economic sentiment on the Street, driven by a 16% drop in financials amid concerns that more write-downs wait in the wings for the group. Exacerbating the outlook for the sector, State Street offered weak guidance and Regions Financial missed the Street's profit estimate, while TD Ameritrade's outlook disappointed, Bank of America was reported to be close to beginning job cuts, and traders reacted to Monday's warning from Royal Bank of Scotland. Meanwhile, Johnson & Johnson provided a mixed report, and JC Penney commented on its credit position. Despite gloomy sentiment, Treasuries were lower on the mid-to-long end of the curve. The Dow Jones Industrial Average fell 332 points (4.0%) to close at 7,949, the S 500 Index lost 45 point (5.3%) to 805, and the Nasdaq Composite tumbled 88 points (5.8%) to 1,441. On modest volume, about 1.7 billion shares were traded on the NYSE, and 2.0 billion shares were traded on the Nasdaq. Crude oil declined $1.73 to $40.84 per barrel, wholesale gasoline lost $0.02 to $1.14 per gallon, and gold ended up $17.70 at $857.60 per ounce.
The info you gave about the stock market was for Jan. 21st 2009.
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y_soitenly11 months, 1 week ago
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Jan.21, 2009.
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Banks Rally, Rebounding from Yesterday's Dreadful Tally
Financials followed yesterday's 16% drop with almost a 15% jump today, leading a broad-based rally, while IBM's better-than-expected earnings report helped lift the Dow Jones Industrials by about 3.5%. Financials dominated equity news as Bank of America surged after its chief executive purchased shares, Northern Trust held onto substantial gains after posting much better-than-expected profits, Bank of New York Mellon rebounded after posting a profitable quarter, and PNC recouped losses after offering comments about its capital position. Even US Bancorp finished in the green despite warning of more loan losses. Meanwhile, GM reported a drop in annual auto sales, United Technologies offered a soft outlook, Coach expects weak demand to continue, and major airlines fell victim to volatile fuel prices. Treasuries were lower and homebuilder sentiment reached a new record low.
The Dow Jones Industrial Average jumped 279 points (3.5%) to close at 8,228, the S 500 Index gained 35 points (4.4%) to 840, and the Nasdaq Composite surged 66 points (4.6%) to 1,507. On fairly-modest volume, about 1.7 billion shares were traded on the NYSE, and 2.1 billion shares were traded on the Nasdaq. Crude oil rose $2.71 to $43.55 per barrel, wholesale gasoline rose $0.03 to $1.17 per gallon, and gold ended down $0.90 at $854.30 per ounce.
It would really be refreshing to see this turnaround continue to rise, but since the market remains volatile, it's kinda frustrating to remain optimistic.-
mntnman444Comment removed: Spammer, Hard Banned1 Reply
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