Wall Street hits session lows after Obama's speech

[kaydee457 13]

NEW YORK (Reuters) - Stock indexes extended losses and hit session lows on Tuesday after President Barack Obama's inauguration speech provided few new details about measures to tackle the growing economic crisis.

"I think people were looking for something, new plans, new hopes," said Joe Saluzzi, co-manager of trading at Themis Trading in Chatam, New Jersey.

"They didn't hear something new."

President Obama's speech came on the heels of news that State Street Corp (NYSE:STT - News), the world's largest money manager for institutions, posted a $6.3 billion unrealized loss in its investment portfolio.

JPMorgan (NYSE:JPM - News) was the top drag on the Dow, pulled lower by fresh fears about the health of the global banking system and after the State Street news.

Since his November 4 election, Wall Street has bet that Obama will put plans in place to help stabilize the sliding economy and stem rising unemployment.

But stocks started the session lower on Tuesday, pushed down by the ailing banking sector and grim earnings expectations.

The Dow Jones industrial average (DJI:^DJI - News) fell 178.65 points, or 2.16 percent, to 8,102.57. The Standard & Poor's 500 Index (^SPX - News) stumbled 25.70 points, or 3.02 percent, to 824.42. The Nasdaq Composite Index (Nasdaq:^IXIC - News) dropped 52.07 points, or 3.40 percent, at 1,477.26.

(Reporting by Deepa Seetharaman; Editing by Jan Paschal)

[payxibka 10,045]

CNBC said this morning that the stock market has closed down more than 70% of the time on innauguration day...

[Ban Hammer 13,282]

Wow. It's insane. I just hope Obama can do something about these kinds of things when he's president.

[kaydee457 13]

Wow. It's insane. I just hope Obama can do something about these kinds of things when he's president.

LOL. Hey, you try'n to get me locked out?

[Jasman0717 9]

This mess is going to take a while to fix

[Ban Hammer 13,282]

Wow. It's insane. I just hope Obama can do something about these kinds of things when he's president.

LOL. Hey, you try'n to get me locked out?

i just thought it was an appropriate quote for this thread

[kaydee457 13]

This mess is going to take a while to fix

Making excuses for Obama's recession already?

[rebeccajo 14]

Yeah but the dollar is having a great day!

[Jasman0717 9]

Yeah but the dollar is having a great day!

Its not doing much against the Filipino peso

[Peikko 1,575]

To ignore the market would be foolish. Whether any president can do anything about how things are going to play out over the next few months on the financial scene is not clear, well, not to me anyway but it is an inherited mess, not one of Barack Obama's making, of that we can be certain.

[Mr. Big Dog 10,747]

This mess is going to take a while to fix

Making excuses for Obama's recession already?

Obama's recession? Now there's a stretch seeing that this recession started a year or so before he was elected - let alone inaugurated. Geez, scrape together a few nickels and buy yourself some sense of reality.

[Pinocchio Liberal 268]

This mess is going to take a while to fix

Making excuses for Obama's recession already?

Obama's recession? Now there's a stretch seeing that this recession started a year or so before he was elected - let alone inaugurated. Geez, scrape together a few nickels and buy yourself some sense of reality.

Right this very second he's watchin a fvckin parade! Shouldnt he be workin?

[Peikko 1,575]

This mess is going to take a while to fix

Making excuses for Obama's recession already?

Obama's recession? Now there's a stretch seeing that this recession started a year or so before he was elected - let alone inaugurated. Geez, scrape together a few nickels and buy yourself some sense of reality.

Right this very second he's watchin a fvckin parade! Shouldnt he be workin?

Shouldn't you? I would imagine that he has a better excuse for doing what he is, than for you doing what you are right now!

[S and S 12]

Wow. It's insane. I just hope Obama can do something about these kinds of things when he's president.

LOL. Hey, you try'n to get me locked out?

i just thought it was an appropriate quote for this thread

Agreed!

[Pinocchio Liberal 268]

This mess is going to take a while to fix

Making excuses for Obama's recession already?

Obama's recession? Now there's a stretch seeing that this recession started a year or so before he was elected - let alone inaugurated. Geez, scrape together a few nickels and buy yourself some sense of reality.

Right this very second he's watchin a fvckin parade! Shouldnt he be workin?

Shouldn't you? I would imagine that he has a better excuse for doing what he is, than for you doing what you are right now!

You just voted in an excuse! A sorry one at that.