Assuming the European debt crisis had no impact on the market today, you might be right. But that's a pretty big assumption.
Europe's been in a debt crisis for months. What we heard last night was PASS THIS BILL!!!. Problem is, there is no bill yet to pass.
The president yells PASS THIS BILL 17 times in a speech to a joint session of Congress when there is no bill to pass, and I'm the one who looks stupid. Mmmmkay.
?? The topic of the thread is wall street's reaction to the speech. It's pretty simplistic to say that the market was solely impacted by the speech. In fact, finance news articles seem to be pointing to Europe, not a reaction to the speech. You're the one riding the "no bill" pony -- that's not where this thread started.
Somebody's touchy today. Here's an idea. Europe is in trouble because of overspending, and our genius President decides the best way to turn around our own economy is by ... wait for it ... MORE SPENDING! Clown Town
There are more than just two factors for today's market showing. However, the one big new stinky turd dropped into the bowl came out of the mouth of President PASSTHISBILL last night. Brilliant idea. More spending, that's what we need! Causation - who knows? Correlation - definitely.
If the market was excited about the prospect of the jobs bill proposal working, you'd think our markets would get a bump. Just sayin'
Unless there is other news out there that overrides any feelings about the job bill proposal: Word of the resignation of Stark, the top economist at the ECB, came shortly after U.S. markets opened. He was an advocate for higher interest rates, and published reports said he left because he opposed the bank's extensive purchases of debt issued by European countries. One of European Central Bank officials, he resigned with almost three years before the end of his term in 2014, revealing deep disagreement over how to solve economic problems in Europe. Traders fear that one of the continent's heavily indebted economies could default, an event that would ripple through the global banking system and make it difficult for other European countries to borrow money. There might be something else that influenced today's market other than the Obama speech.
there's also two old sayings that come to mind. Better to keep your mouth closed and be thought a fool than to open it and remove all doubt. Never argue with an idiot. He will drag you down to his level and beat you.
PASS THE BILL!!! When your only retort is the "idiot" card, you know your idol Barry is having a bad day.
