Who're you kidding? The O-ster didn't come out to help the market; he only came out to give it another gratuitous kick in the nuts.
You are absolutely right:
By Brendan Conway
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)—U.S. stocks tumbled Monday and gold surged as investors fled from risky assets during the first trading session since Standard & Poor’s downgraded the federal government’s credit rating late Friday.
The Dow Jones Industrial Average dropped 406 points, or 3.6%, to 11038 as 2 p.m. EDT approached, plumbing fresh session lows midafternoon. The market was on track to take another chunk from investor portfolios after last week’s swoon, which came as investors lost faith in European leaders’ ability to stave off a debt crisis, and as fears grew that the economic slowdown would deepen into a recession.
The Standard & Poor’s 500 stock index tumbled 55 points, or 4.1%, to 1150, with financial and energy stocks falling hardest. The Nasdaq Composite slumped 120 points, or 4.7%, to 2413.