The Dow Jones dropped below 7,000 yesterday, raising the how-low-can-it-go question once again. But the stock market over the last six weeks poses another question: What does the market think of President Obama?
Not much, apparently. The Dow Jones dropped Feb. 10, the day after Obama's bailout plan was announced, and again on Feb. 17, the day it was signed. Then last Wednesday, after his hopeful address to Congress, it tumbled yet again.
But it's too easy point fingers with the axis of a graph. The Daily Beast counters the theory with three solid points.
- The recession is over a year old and gained momentum with the fall of Lehman Brothers.
- Whenever the government intervenes, stocks drop; they did the same under former Treasury Secretary Paulson.
- Stocks are known to "rise on the rumor, and fall on the news." Other than that day-to-day fluctuations are random.
So what do you think now?