100 Days – and the stock market
Drew Trachtenberg
Executive Producer, CNN Business News
In the 100 days since President Obama has been in office, the major stock market averages are mixed.
The Dow industrials are down 96 points, or 1.1%, during that time. They closed today at 8,185 (preliminary), but have bounced back sharply from a low on March 9th of 6547.
Both the S&P 500 and the Nasdaq are higher over the 100 day period. The Nasdaq is up 12 percent.
In today’s session, the major averages all rallied on hopes that the economic slide is moderating. Despite a worse than expected report on first-quarter GDP, there were indications in the report that the economy has reached its low-point.
The Dow closed at its highest level since February 9th.
But Treasury bonds sold off following the Federal Reserve’s announcement about the economy, sending the yield on the 10-year note to 3.09%, its highest level this year.
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Filed under: Economy • First 100 Days |
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They are still lower..bouncing back from the lowest point is still lower.
I doubt the stock market is a good indicator of any President's performance. The stock market goes up at times when layoffs occur because if there are fewer people to pay then profits must be higher. The stock market does not seem to be people centric – just money and more money. So I am not surprised at the mixed report here. I also do not think it means anything at all.