Wall Street Plunges, Loses 1 Year Gains in 1 Day
Thursday, 04 August 2011

The Dow Jones Industrial Average had lost more than 400 points at midday Thursday, erasing gains for the year.

The index has lost more points in the last two weeks than it did after the House initially failed to approve a bailout of U.S. banks at the height of the financial crisis in 2008.

The carnage on Wall Street, which precedes a widely anticipated jobs report due Friday, is likely to increase anxiety at the White House and in Congress on the troubled economy, as both sides have something to lose.

A worsening economy could hurt President Obamaís poll numbers and give hope to a field of GOP candidates running to replace him.

At the same time, an economy that has slowed since Republicans won back the House in the 2010 midterm election will also raise questions about the GOPís economic stewardship.

It seems that both Democrats and Republicans are not capable of jump starting the US Economy!


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