U.S. Stock Market Plunges 500 Points

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U.S. Stock Market Plunges 500 Points

Debt Ceiling Increase Did Nothing To Allay Investor Fears

August 4. 2011

Barack Obama

As mentioned last night, the U.S. stock market is in a bad way. This morning things got worse, as it plunged 500 points, taking it back to the height of the 2008 financial crisis. The passage of the congressional bill, to raise the U.S. debt ceiling by $2.4 trillion dollars, did nothing to assuage the markets. It was a very risky political gamble for President Obama that has not paid off.

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