Prieur’s Perspective: Welcome to Wall Street, President Obama
President-Elect Obama’s victory signaled a change in US political direction but the biggest Election-Day rally ever -- a 4.1% surge in the S&P 500 -- was quickly overshadowed by Wednesday’s and Thursday’s 10.0% loss the biggest since 1987. Mr. Obama gave his first press conference as President-elect on Friday afternoon summarizing a discussion he had had with his economic advisory team. He pledged to confront the economic crisis “head-on ” and said he wanted to see “a rescue plan for the middle class” that would include a new fiscal stimulus package. The week closed on a positive note as ...
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