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.
Two months later on May 6, 2009 just how is that declaration doing?
Today, the Dow Jones Industrial Average closed at 8,512.28. In my opinion I think it is time for Bloomberg writer Eric Martin to do a rewrite. To hlp him along, I would suggest the following;
May 6 (Bloomberg) -- President Barack Obama now has the distinction of presiding over his own bull market.
The Dow Jones Industrial Average rose 3.25 percent since Inauguration Day through today, essentially equaling the performance of George W. Bush's first 100 days.
More than $250 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.
Do you think it is time for a Bloomberg story update?
Siren Update; The Wall Street Journal reports on Mr. Fox News himself;
News Corp. (NWSA), on its earnings conference call, eased concerns by maintaining its guidance for fiscal 2009 operating earnings and by Chief Executive Rupert Murdoch declaring "the worst is over" for the economy.
I wonder what the new talking point is going to be?