Dow Up Over 4,500 Since Obama Inauguration
The Dow Jones Industrial Average closed at 12,505 on Thursday night, up 4,556 points since President Obama’s inauguration.
While conservative politicians and pundits have attacked Obama for being a socialist or worse (Fox’s Glenn Beck accused him of being a racist), the President’s tenure so far has been a boom to capitalism. On January 20, 2009, the stock market closed at 7,949.
Wall Street Bull
In Obama’s first few months, the market continued to fall as the effects of the Bush recession continued to ravage the country. Now, after passage of the economic stimulus act along with the bailout of General Motors, the markets appear to be applauding Obama’s policies.
Dow Chart During Obama Presidency
By comparison, the market lost over 3,400 points over the 8 years of George W. Bush’s presidency.
Republican plans to vote against raising the debt ceiling could negate the gains, however, as their failure to do so would shake confidence in the American economy.
© 2011 The National Chronicle