Thursday, February 19, 2009

The Obama Economy: Dow Crashes to Lowest Close in 6 Years

An important psychological barrier gave way on Wall Street Thursday as the Dow Jones industrials fell to their lowest level in more than six years, AP reported.

More troubling and less reported, however, the the 2000 point decline in the Dow just since election day, November 4, 2008.

Today, the Dow broke through a bottom reached in November, pulled down by a steep drop in key financial shares. It was the lowest close for the Dow since Oct. 9, 2002, when the last bear market bottomed out.

AP reported that the market's inability to rally signals that investors see no immediate end for the recession. Investors also haven't been impressed with two major economic initiatives from the Obama administration this week: an economic stimulus package and a mortgage relief plan.


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