Posted on 01/21/2010 10:08:32 AM PST by My Favorite Headache
NEW YORK (AP) - Financial shares pulled the stock market lower Thursday as President Barack Obama proposed rules that would limit the types of trading banks can do with their money.
The Dow Jones industrial average tumbled over 200 points after dropping 122 points on Wednesday. The index has seen four straight triple-digit swings. Bond prices rose as the stock market became more volatile.
Tightening the rules on how big banks trade their money could hurt profits at those companies.
Broader concerns also dogged investors. Patrick Galley, chief investment officer at RiverNorth Capital in Chicago, said stocks have risen so fast in the past 10 months that expectations about an economic recovery are getting too high.
"The market can be quite fickle just because of the huge run-up that we've had," he said. "A lot of folks have their trigger finger on the sell button if they start to sense that news won't meet expectations."
The market was mixed earlier as good earnings news was tempered by an unexpected jump in initial jobless claims. But banks, which have driven the market over the past year and a half, were the focus by late morning.
The Labor Department said workers filing for unemployment benefits for the first time rose by 36,000 to 482,000 last week. Economists polled by Thomson Reuters were expecting a small drop.
The report provided a grim reminder that while the economy might have improved modestly, a robust recovery is unlikely until companies start adding jobs. The unemployment rate remained at 10 percent last month.
The Philadelphia Federal Reserve said manufacturing in its region fell in January from December. Its index of regional manufacturing conditions fell to 15.2 from a revised 22.5 last month.
(Excerpt) Read more at breitbart.com ...
The List, ping
Rush pretty much said she should run in 2012.
Hah! That'll be tough to do since only ~ 1/3 of them are up for election ... But who knows, maybe 'the one' can pull it off...
She is a real threat if people don't learn their present lessons well. :0/
You know I hear clueless liberals tell me that all he needs is one or two things to turn his image around and that it will happen by the fall and people will move on and go back to liking him again and re-elect him in 2012. I said if some bastard came and robbed my house and stole all of my money the last thing I would be doing in 3 years is forgiving him and moving on.
They just don’t get it.
If Obama were to do anything that caused financial stocks to go -up-, it would be an even worse idea.
zer0 is toast. Hillary is a threat.
We need a strong, truly conservative candidate and it is too soon to know if Sarah will run. She probably doesn’t even know herself, too much is up in the air.
I support Sarah but we need other candidates in the warm-up pen, too. We need a deep bench.
This is no surprise. He and his liberal friends in DC and Hollywood have been demonizing the banks for a while so that something like this can be more palatable to the masses. He is effectively squelching the bank’s ability to make a profit from risk. Obama is attempting to seize the banks and regulate them through a back door. Lending is their life blood, and is the result of investments both direct and indirect. This is another power grab.
“The Labor Department said workers filing for unemployment benefits for the first time rose by 36,000 to 482,000 last week. Economists polled by Thomson Reuters were expecting a small drop.”
The Obama “Double Dip”. All that golfing paid off.
Who wants to bet me that this was planned well in advance so that his multi-billionaire puppetmaster George Soros and the rest of the Obamaites can line up to be shorting these bank stocks and making a KILLING in the next few days as these bank stocks fall?
what a tone deaf idiot
Absolutely.
Bingo!
Boy, I hope the libtards are wrong. How in the world can ANYONE stick up for Obama anymore? Are they blind to what his socialistic agenda is doing to us as a nation?
obama = epic fail
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