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2011-09-10

Dow finished down 304 points - react after President Barack Obama presented Congress and the nation a $447 billion jobs program



















Friday was the first chance for the markets to react after President Barack Obama presented Congress and the nation a $447 billion jobs program. It is not clear to traders that the plan will get through a bitterly divided Congress. The Dow finished down 304 points, or 2.7 percent, its steepest drop in more than three weeks. It closed at 10,992. The average approached a 400-point drop at some points in the afternoon.

Such an outcome could tip the world economy back into recession. In the U.S., economic growth is already slowing, and unemployment is stuck above 9 percent.

Next week FBM KLCI likely to deep to new low.

2 comments:

Anonymous September 10, 2011 at 9:34 PM  

The 304 points due to fear of the following during that time:

a. Fear another bitter war between the Democrats and the Republican on Obama jobs program.
b. Rumour spread by speculators that Greek will default this weekend...Greek gov already denied this.
c. ECB governing board member Jurgen Stark resigned. He's disagree with ECB bond buying. So people fear of more issues there.

Anyway the economy is slow....when people come to their senses the market will goes up...patience...patience...patience.

Durian Edge September 11, 2011 at 8:12 AM  

I just get info that Foreign investor is buying into the market last few days before Friday close. May be due to this the market may up next week.

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