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.
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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.
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.