Tuesday, August 2, 2011

Obama Sign Debt Bill and the DOW Drops 266 Points

When the DOW drops 266 points and continues a 8 day slide, it is saying that Obama's policies suck! Even though economist claimed the deep recession ended in the summer of 2010, reality says that we are still in a deep recession. As Obama signed the debt ceiling increase, a cascade of economic indicators will show negative results. Washington is playing with the lives of the America people. It is all about which political party retain power in Washington. The politicians in Washington are financially set for life. In the meantime, every American are pawns and considered collateral damage until election time. VOTE THESE INCUMBENTS OUT OF OFFICE IN 2012!!!

(CNBC) Stocks sold off sharply to end at session lows Tuesday with the Dow down for an eighth day amid economic worries and even after President Obama signed a bill to avoid a debt default.

The Dow Jones Industrial Average plunged 265.87 points, or 2.19 percent, to end below the psychologically-important 12,000 mark at 11,866.62. The last time the blue-chip index declined for eight-consecutive days was in October 2008.

All 30 Dow stocks ended lower, with Pfizer and GE leading the biggest laggards.

The S&P 500 plummeted 32.89 points, or 2.56 percent, to close at 1,254.05, slipping into negative territory for the year.

The tech-heavy Nasdaq tumbled 75.37 points, or 2.75 percent, to finish at 2,669.24. The S&P 500 and Nasdaq are both below their 200-day moving averages.