Tuesday, January 20, 2009

Say It Ain't So

From Drudge and Bloomberg. What happened to the stock market today? I thought the sun will shine, the sea will recede or rise (I'm not sure which) and all is well in Obamatown.
Say it ain't so.
"U.S. Stocks Slide in Dow Average’s Worst Inauguration Day Drop " Bloomberg.com: Worldwide
By Elizabeth Stanton

Jan. 20 (Bloomberg) -- U.S. stocks sank, sending the Dow Jones Industrial Average to its worst Inauguration Day decline, as speculation banks must raise more capital sent financial shares to an almost 14-year low.

State Street Corp., the largest money manager for institutions, tumbled 59 percent after unrealized bond losses almost doubled. Wells Fargo & Co. and Bank of America Corp. slumped more than 23 percent on an analyst’s prediction that they’ll need to take steps to shore up their balance sheets. The Dow’s 4 percent slide was the most on an Inauguration Day in the measure’s 112-year history, according to data compiled by Bloomberg and the Stock Trader’s Almanac.

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