Bailout plan wins approval, but Dow Jone is still weak.
Finally, under the strong attitude of President Bush, House of Representative approve the $700 billion bailout plan. Well, I do not care details of the bailout, I am more interesting in the plunge of Dow Jone on Fri.
On Fri., the bailout plan was approved and Bush signed for it at about 2 p.m. But you can find the investors are not assured, and Dow Jone was not inspired by this news (Bailout Bill Fails to Reassure Investors). Is it not a good news? Well, if the approval of bailout is a bad news, what the hell of Dow Jone on Sep. 29th?
Maybe the rejection on Mon. affected investors’ confidence, but I think the most important reason is the shedding of jobs. Experts estimated the job lost in Sep. would be 100,000, but the actual number is 159,000. About 60% more than the estimation, in addition, the worst month in five years!! (159,000 Jobs Lost in September, the Worst Month in Five Years )
Well, the good (?) news is the job lost in 2001 is much more than nowadays. Or maybe it is the beginning of another terrible job lost, a “more terrible” one.