My Blog, Your Money

This was an historic week.  Of course, I’m referring to the inauguration of Barack Obama as the 44^th President of the United States on Tuesday, January 20.  Millions made their way to the nation’s capital to witness the event.  The sight of the crowd was simply breathtaking (at least from the view on my TV screen).

Unfortunately, the momentous day was marked by deep declines in the stock market led by the financial industry.  The Dow dropped 332 points (4%).   The Nasdaq and S&P500 fared even worse, -79.9 points (-5.3%) and -44.42 points (-5.2%), respectively.

Fortunately, on Obama’s first full day, Wednesday, the market bounced back again led by the financial stocks.  By the end of the week (shortened by the Martin Luther King holiday), the markets were all lower but higher than their closes on Tuesday.  Now, we’ll just have to wait and see how the rest of his term turns out.