Tuesday, January 20, 2009

Investors Unload Their Stocks After Hearing Obama's Inaugural Address

Bank stocks Tumbled on Tuesday and the Dow Jones down industrial average fell 332 points, its lowest close since Nov 20. After hearing Obama's inaugural address, investors began unloading their stocks.

"Some traders were hoping to have heard something in the inaugural address that would have indicated more of a specific action toward stabilizing the economy..., which they did not hear, and I think as a result, helped to cascade [share] prices lower."
Sam Stovall - Standard & Poors

Meanwhile, in the Kenyan village of Kogelo - the birthplace of Barack Obama's father - revelers celebrated the historic inauguration with plenty of song and dance.