The Financial Times reports on the US stock market’s dismal performance today:
US stocks were on course on Tuesday for their worst inauguration day performance since the assassination of John F Kennedy, led by more heavy losses among banks.
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Financial stocks that endured epic falls last week lost further ground in the wake of bleak earnings from State Street, fresh turmoil among overseas banks and more analyst warnings of widening losses from bad loans, higher writedowns and dividend cuts.
“The feeling is, ‘When’s it going to stop?’” said John Brady, head of hedge fund sales at MF Global, who added much of the selling was being driven by continued fears of outright nationalisation of key institutions.
Obama has some work ahead of him.
