This really surprised me. I would have thought that the economic news coming out of Europe would have been factored into selling on Friday. Really, there is no other way to explain a sharp %2 drop as he ends his speech. You'll never hear the main stream media try to explain this....it will be swept under the rug as market noise or reaction to bad news coming out of European numbers.
Hell, I wouldn't be surprised to hear the blame on the Cardinals for the ass wooping administered on the Eagles. Or it could have been about the time when the line on the Super Bowl came out today.
But, I am betting it was a true, "O Shit" moment by big money on the market today.
Troubled Wall Street
But not even the historic inauguration could lift Wall Street out of the doldrums. As AP reports, immediately following Obama's speech, the major indexes fell more than two percent:
Traders on the floor of the New York Stock Exchange paused at times to watch the inauguration ceremony and Obama's remarks, but the transition of power didn't erase investors' concerns about the struggling economy.
At the closing bell, major indexes were down more than four percent and the Dow Jones Industrials tumbled 332 points. I don't give a shit how it is spun, that is a lack of investor confidence coinceiding with the events of the day. With all the hype we have had forced down our throats about this being a historic day; the "money" saw right through that shit and reacted.
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