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Stock Market Has Fallen Steadily Since Bailout Bill Signed

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Matt Cover
CNSNews.com
Tuesday, Oct 28, 2008

The U.S. stock market has lost 1,417 points–a decline of nearly $3 trillion in value–since President Bush signed into law a $700-billion financial industry bailout bill that was supported by both the Republican and Democratic presidential candidates.

Last week, stock markets closed at a loss for the third straight week since the bailout’s enactment.

When Bush signed the bill Oct. 3, the New York Stock Exchange (NYSE) Composite Index was valued at $14.3 trillion, closing at 7,088 points. The Composite Index, unlike the Dow Jones Index, is a look at how all stocks in the market are faring.

(Article continues below)

Stock Market Has Fallen Steadily Since Bailout Bill Signed 161008pptv3

Over the last 14 trading days, the market has lost 1,417 points, worth nearly $2.9 trillion in value–roughly $214 billion per day. As of Thursday, Oct. 23, the market had fallen to 5,671 points, worth $11.4 trillion. By the close of the market on Friday, the index had fallen another 244 points, to 5,427–with the new estimate of total value not yet available.

The most dramatic sell-off came in the week immediately following the bailout, with the market losing over $2 trillion in value.

  • A d v e r t i s e m e n t

In the month preceding the bailout’s enactment, the stock market declined from a level of 8,269 points, worth a total $16.8 trillion, down to 7,155 points, worth $14.5 trillion–a decline of 1,114 points, or approximately $2.3 trillion in value.

The market opened in January at 9,647 points–worth $19.7 trillion.

Full article here

This article was posted: Tuesday, October 28, 2008 at 5:24 am





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