Wall Street keeps crashing in January
-->Credit, Credit Crunch, Politics, Bailout News, The Economy January 31st, 2009
If you thought the stock market was going to do better under Obama, you might be wrong. When we have an Economy so over-leveraged, and we are spending trillions of dollars and going further into debt, it is hard to believe that the financial markets are going to see that as positive news.
According to the Wall Street Journal:
Stocks wrapped up their worst January on record with a final plunge on Friday.
The Dow Jones Industrial Average finished January down 8.84% on the month. Perviously, the worst January for the Dow had been that of 1916, when it fell 8.64%. Friday, the Dow dropped 148.15 points to 8000.86 after briefly dipping below the 8000 mark. The Dow has fallen five straight months and in 12 of the last 15.
The S&P 500-stock index lost 2.28% Friday to end at 825.88, for cumulative losses in January of 8.57%. Until Friday, its worst January from 1929 onward occurred in 1970, when it lost 7.65%.
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