Tuesday, October 7, 2008

Another burn for the stock market

Many an investor, including myself, watched in horror yesterday as the Dow Jones plummeted over 800 points at one point yesterday. The Dow fell below 10,000 points for the first time in four years. The market drop, another major plummet in recent weeks, came less than a week after the bill for the $700 billion bailout plan was passed by congress. Many investors see the bailout plan to be a band-aid on the crisis, not a permanent fix for the current economic crisis in the U.S. According to a CNN survey, nearly 60% of Americans feel that a depression is likely. Meanwhile, Barack Obama increased his lead in the polls over Presidential Nominee John McCain to 8 points. Political analysts believe that Americans are fearing that McCain and Palin may hurt the economy rather then help it, considering the current crisis has taken place during President Bush's two terms in office.

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