Barack Obama was sworn in today and the US stock market fell:
The main Dow Jones index had its worst Inaugural Day decline, plunging 332.13 points, or 4%, to 7949.09, fuelled by a doubling of unrealised losses at State Street, the largest money manager for institutions, and predictions that Wells Fargo would cut its dividend.
State Street declined 59% and Wells Fargo was down 23%.
The S&P500 was down 2.4% at 829.72 as President Obama took his oath just after 6am NZ time. It closed at 805.22, a 5.3% drop. The broad-based index is off to its second-worst start to a year, shattering the biggest rally since World War II.
The S&P financials index was down 17% to near 14-year lows.
Is this the shortest honeymoon in political history?