The world is still very much on fire.
Despite widespread optimism about Mr. Obama and a jubilant inaugural celebration, the major indexes plunged more than 4 percent on Tuesday, with the Dow slipping below 8,000, as new fears about the stability of America’s biggest banks roiled the markets.
Stocks started the day lower, fell more than 60 points during Mr. Obama’s address from the Capitol, and deepened their losses during the last hour of trading in a broad sell-off that dragged down leading financial companies by double digits.
It appeared to be Wall Street’s worst Inauguration Day since 1900, according to JPMorgan Chase.
“It’s ugly,” said James W. Paulsen, chief investment officer at Wells Capital Management. “It’s got all the makings of the late November panic.”