President Barack Obama's proposal to restructure big banking was received very poorly on Wall Street to the surprise of no one. New guideline for risk-taking are intended to shrink banks and forge some separation between the government and financial institutions.
Whether this will be beneficial in the long run remains to be seen but it certainly wasn’t today as the Dow Jones industrial average tumbled 213.27, or 2 percent, to 10,389.88. The Standard & Poor’s 500 index only fared slightly better losing 21.56, or 1.9 percent, to 1,116.48. The Nasdaq composite index also took a hit, falling 25.55, or 1.1 percent, to 2,265.70.
These latest developments, which mark the fourth straight day of triple-digit losses for the Dow, negate all the gains thus far in 2010.
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