The Obama Boom myth took another hit by reality today. The Stock Market plunged 512 points in trading today. This is part of a dwonward slide that began 2 weeks ago. A total of 10% has been lost in the last week.
Stocks plunged sharply Thursday, with the Dow down more than 500 points, in its worst one-day drop since December 2008.
All three major averages tumbled into negative territory for the year as investors were rattled over an intensifying global economic slowdown and ahead of the widely-followed monthly unemployment report.
[….]
“We’re not steering this bus—it’s all coming from Europe,” Art Cashin, director of floor operations at UBS Financial Services told CNBC. “We’re hearing reports of funds drawing out of European banks and we’re pretty close to something that might turn ugly.”
“It may translate into a strain on the financials system and earnings on the multinationals, which have been carrying the load for Wall Street,” Cashin added.
The Obama Boom continues apace!
Tags: The Obama Boom, The Obama Depression, The Stock Market
