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When President Obama decided office on Jan. 20, 2009, the Dow Jones Industrial Average (DJIA) slumped to 7,949.09, the lowest inaugural conduct for the Dow since its creation. The S&P 500 and the Nasdaq took similar hits, drip 5.3 and 5.8 percent, respectively, and fourth quarter earnings pieces were on track to drop more than 20 percent through the previous year’s figures. Bank stocks in particular were hit thoroughly hard, with the sector in general declining by 30 percent. Bank of America Corp. teared 29 percent, and Citigroup Inc. sank a comparatively gentle 20 percent.
While the fiscal backslide may have seemed to indicate that the America public was inconsiderable than confident in their newly elected leader, the dip was, instead, very much credited to a continued lack of confidence in the failing economy left behind by the premature administration. Under former President Bush, the stock market judged a 2.3 percent fall on an annualized basis, reflecting the 1 percent proliferate achieved during his first four years and the 5.5 percent fade suffered during his second term. If nothing else, the historic muffles of the Bush administration and the shaky beginnings of the Obama years definitely say an economy in flux.
Good news, however, was not too long in coming. Ignoring its inauspicious economic beginnings, the Obama administration has overseen an impressive upswing in the regular market. As of the end of Obama’s term on January 20, 2017, the Dow Jones had more than recuperated from its January 2009 slump, resting nicely at 19,732.40 for the day, varied than double what it was on inauguration day. More importantly, it had maintained a wholesome range of 15,660 and 19,974 in 2016. Though there have been disconnected downturns, the Dow’s general upward trend speaks well for the Obama conduct’s efforts at economic recovery.