NEW YORK - Wall Street resumed its downward trek Friday as skittish investors, unable to hold on to much optimism about the economy, drew little comfort from President Bush's stimulus plan.
Investors had already pulled back from a big early gain, with the major indexes trading mixed as Bush began to speak. By the time the president finished announcing a plan for about $145 billion worth of tax relief, the indexes were well into negative territory.
"It's disappointed in the size of the economic growth package. Wall Street's showing its displeasure," said Kim Caughey, equity research analyst at Fort Pitt Capital Group in Pittsburgh. "Honestly, I think the institutional investors understand the limits to the government's ability to enact economic change."
The Dow Jones industrial average, up more than 180 points in morning trading, was down 85.11, or 0.70 percent, at 12,074.10. The Dow plunged 306 points Thursday amid deepening pessimism about the economy.
The broader Standard & Poor's 500 index fell 15.40, or 1.16 percent, to 1,317.85, while the technology-focused Nasdaq composite index fell 10.38, or 0.44 percent, to 2,336.52.
Disappointment with Bush's plan came as investors were searching for those companies that might be weathering the economic slowdown well.More on the story.
Have a great weekend folks! ;)
4 comments:
Now he's a man who failed at every business his Father gave him and we are to believe his plan will work. Bush has given Trillions of dollars to Iraq but now wants to rebuild the US economy with 145 Billion dollars. The man is a loser and drunk. America got rich by hard work and international sells. No one can trust the US because the Government Law Makers are crooks. Goldman Sachs got inside information and ex CEO Paulson used his US Treasury job to start and build his personal company with taxpayers money. We have more crooks in the Government then money.
bushdick, what a charlatan. i say, put him in shackles and let him eat cake.
And now the car finance market is starting to be affected, as well as housing market"
The economy sucked under Daddy, too.
Why would anyone think the economy would be good under another one?
We can't blame other countries for this either. Too many greedy people flipping houses, buying more house than they could afford, and banks taking advantage of gross ignorance and stupidity of Americans not reading the fine print on their sub-prime mortgages.
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