The U.S. stock market has lost 1,417 points--a decline of nearly
$3 trillion in value--since President Bush signed into law a $700-billion
financial industry bailout bill that was supported by both the Republican
and Democratic presidential candidates.
Last week, stock markets closed at a loss for the third straight week
since the bailout’s enactment.
When Bush signed the bill Oct. 3, the New York Stock Exchange (NYSE)
Composite Index was valued at $14.3 trillion, closing at 7,088 points.
The Composite Index, unlike the Dow Jones Index, is a look at how
all stocks in the market are faring.
Over the last 14 trading days, the market has lost 1,417 points, worth
nearly $2.9 trillion in value--roughly $214 billion per day. As of
Thursday, Oct. 23, the market had fallen to 5,671 points, worth $11.4
trillion. By the close of the market on Friday, the index had fallen
another 244 points, to 5,427--with the new estimate of total value
not yet available.
The most dramatic sell-off came in the week immediately following
the bailout, with the market losing over $2 trillion in value.
In the month preceding the bailout’s enactment, the stock market
declined from a level of 8,269 points, worth a total $16.8 trillion,
down to 7,155 points, worth $14.5 trillion--a decline of 1,114 points,
or approximately $2.3 trillion in value.
The market opened in January at 9,647 points--worth $19.7 trillion.
