Intersecting Minds: Education, Business and Technology at the North Carolina State Jenkins Graduate School of Management

An Historic Day… and the Market Tanks | January 20, 2009

In case you hadn’t heard, Barack Obama was inaugurated as the 44th President of the United States today.

And the market has tanked. As I’m writing this, the Dow has slipped below 8,000 for a 281-point loss so far on the day. No, it doesn’t have anything to do with Obama’s ascension to power. (He is a Democrat, in case you missed that part too). Rather, the negative activity in the market is due to rising fears about the solvency of the financial industry. Citibank announced this morning that they are splitting up the company amidst an $8.3b loss last quarter.

Sigh. Welcome to the job, Mr. President.

UPDATE: Dow ends the day down 332 points to finish at 7,949. S&P 500 and Nasdaq both decline over 5%.

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Posted in Economy

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