Investors sold off stocks in an apparent "no confidence vote towards the Stimulus and the Bank Bail out Plan today. Stocks took an across the board plunge as Investors hopeful for details on the Bank bailout, bailed on the market , in part because of the Lack of any real details in the announcement by Timothy Geither today.
Today's 4.6 percent 382 point drop was that largest since the history making drop in the Dow on Inaugural day. The worst Inaugural ay DOW drop in American history. Many analysts attribute that drop to Obama's lack of specifics on the economy in his Inaugural address.
The combination of the Senate passing the stimulus bill and Geither's lack of hard news propelled the market downward, indicating that Investors are looking for real answers not empty Rhetoric.
Financials took the largest drop. Bank of America, JP Morgan Chase, Citigroup and American Express all took major hits today as nervous investors wonder if the Government will attempt to nationalize banks.
General Motors announced major layoff today but many investors expected this announcement as part of the bail outs given to GM.