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Wall Street Welcomes President Obama With Big Drop
By
Jen Chung
Published Jan 20, 2009
Modified Jan 20, 2009
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By
Jen Chung
Published Jan 20, 2009
Modified Jan 20, 2009
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President Obama mentioned the daunting task ahead for him—and the rest of the country—in his Inaugural Address. And Wall Street emphasized the point, with what Reuters called a "record Inauguration Day slide."
The Dow Jones lost 332.13 points (-4%), ending under 8,000 points at 7,949.09. The S&P 500 fell 5.28% while the Nasdaq fell 5.78%. Bloomberg News reports, "U.S. financial losses from the credit crisis may reach $3.6 trillion, according to New York University Professor Nouriel Roubini, who predicted last year’s economic and stock-market meltdowns."
Roubini said, “If that’s true, it means the U.S. banking system is effectively insolvent because it starts with a capital of $1.4 trillion. This is a systemic banking crisis.”
Tagged
Inauguration Day
president obama
wall street
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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