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Stocks Lose All 2014 Gains (Obama Needs A New Legacy)

From a seemingly unfazed Reuters:

Stocks Tumble, Dow Down 220 Points, Company Earnings Disappoint

July 31 2014

(Reuters) — U.S. stocks slumped in a broad decline Thursday, with the Dow and the S&P 500 turning negative for July on concerns over the strength of overseas economies and continuing tensions with Russia.

So there are new ‘headwinds.’ Problems with the economies overseas and tensions with Russia. There’s always something, isn’t there? (In reality, this decline is probably mostly due to the Fed’s signal that it is going to stop pumping billions of dollars a month into the stock market.)

But, as usual under Obama, Reuters is trying to sugarcoat this. In fact, the stock market has lost all of the gains it had made so far this year.

Weak U.S. data contributed to the bearish tone as jobless claims rose more than expected in the latest week, and the Chicago Purchasing Managers Index unexpectedly fell in July to its lowest since June 2013.

"Weak US data"?! we thought that the GDP was so huge and hiring was great Obama was going to make his handling of the economy his historic legacy?

Meanwhile, from the Associated Press:

Poll: Foreign policy no longer Obama strong point

By CONNIE CASS and JENNIFER AGIESTA | August 1, 2014

WASHINGTON (AP) — Foreign policy used to be a bright spot in Americans’ dimming opinion of President Barack Obama. Not anymore. Associated Press-GfK polling found a spring and summer of discontent with the president’s handling of world events.

Obama’s consistently low marks across crises such as the fighting in Ukraine and the conflict between Israel and Hamas could benefit Republicans aiming to win control Congress in the fall…

Oops. Well, it looks like maybe Obama-Care will have to be Obama’s legacy, after all.

This article was posted by Steve Gilbert on Friday, August 1st, 2014. Comments are currently closed.

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