On March 6, 2009, Bloomberg News declared that we had entered the "Obama Bear Market;"
March 6 (Bloomberg) -- President Barack Obama now has the distinction of presiding over his own bear market.
The Dow Jones Industrial Average fell 20 percent since Inauguration Day through yesterday, the fastest drop under a newly elected president in at least 90 years, according to data compiled by Bloomberg. The gauge lost 53 percent from its October 2007 record of 14,164.53, slipping 4.1 percent to 6,594.44 yesterday.
More than $1.6 trillion was erased from U.S. equities since Jan. 20 as mounting bank losses and rising unemployment convinced investors the recession is getting worse. The president is in danger of breaking a pattern in which the Dow rallied 9.8 percent on average in the 12 months after a Democrat captured the White House, according to data compiled by Bloomberg.
Three months later on June 12, 2009 just how is that declaration doing?
How many Kos readers remember the old advertising slogan "When EF Hutton talks, people listen?"
Looks like President Obamais the new EF Hutton;
March 3 (Bloomberg) -- President Barack Obama said falling share prices may mean bargains for investors with a "long-term perspective."
Today, the Dow Jones Industrial Average closed at 8,799. In my opinion I think it is time for Bloomberg writer Eric Martin to do a rewrite. To help him along, I would suggest the following;
June 12 (Bloomberg) -- President Barack Obama now has the distinction of presiding over his own bull market.
The Dow Jones Industrial Average rose 6.7% percent since Inauguration Day through today, essentially equaling the performance of George W. Bush's first 100 days.
More than $500 billion was added to U.S. equities since Jan. 20 as lessening bank losses and slowly improving economic conditions convinced investors the recession has hit bottom. The president is on his way beating the pattern in which the Dow rallied 9.8 percent on average in the 12 months after a Democrat captured the White House, according to data compiled by Bloomberg.
Investors that listened to President Obama and invested in March, would have an average profit of over 33%.
Investors that listened to Michelle Malkin took nothing but gas.
The Dow is higher today than it was on New Years eve 2008 and Inauguration Day 2009.