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Depressed Dow ups risks for Obama

(AFP)
Filed on March 4, 2009

WASHINGTON - The incredible shrinkage of the Dow Jones share index could up the political pressure on US President Barack Obama as his economic revival plans get short shrift from investors and Republicans.

It is not just the busted financiers of Wall Street who have a stake in the Dow’s ups and downs—millions of working Americans have their hopes for a comfortable retirement tied up in the benchmark of 30 major stocks.

That index is now plumbing its lowest levels since 1997, but Obama refuses to be swayed by what he calls the ‘day-to-day gyrations’ of the markets as he hustles through far-reaching plans to remake the world’s biggest economy.

‘There are a lot of losses that are working their way through the system,’ the president said Tuesday at a joint appearance with British Prime Minister Gordon Brown.


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