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Wall Street posts record lows to welcome in new president

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Wall Street posts record lows to welcome in new president

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Despite the optimism surrounding the 44th US president Wall Street celebrated with another day of heavy losses.

As all eyes tuned in to Washington the market showed a downturn making clear to the new president the extent of the current economic crisis. Sam Stoval an Investment Strategist blames the new president:” Some traders were hoping to have heard something in the inaugural address that would have indicated more of a specfic action towards stabilising the economy and trying to rescue the banks, which they didn’t hear, and I think as result helped to cascades prices lower.” The dark tone was set in Britain earlier in the day when the Royal Bank of Scotland posted the biggest losses in British corporate history. And as President Barack Obama begins his term of office, there is more grim news on the horizon , as speculation mounts that the Bank of America is looking to shed some 4,000 jobs.