When a president speaks on the economy in the middle of the day, he's often targeting his remarks to calm a jittery market. Presumably, President Obama's speech at the White House had some of this element to it.
Can reaction to it be gauged in real time via the Dow ticker? Let's find out.
Start: Dow up 59.43
Announces meeting with lawmakers and also intends to bring in businesspeople. Dow up 61.
"It's a plan to put folks back to work." Dow up 64.
"I intend to work with both parties to do more, including reforms to bring down the cost of health care. But... we can't just cut our way to prosperity. We have to combine spending cuts with revenue. That means asking the wealthiest Americans to pay a little more in taxes." Dow up 51.
"I want to be clear. I'm not wedded to every detail of my plan. I'm open to compromise. I refuse to accept any approach that isn't balanced. I'm not going to add students and seniors to pay down our deficit while (wealthy people) refuse to pay a dime more in taxes." Dow up 35.
"...nobody, not Republicans, not Democrats, want taxes to go up for people making under $250,000 a year. Let's extend the middle-class tax cuts right now." Dow up 30.
"All we need is action in the House. I've got the pen. I'm ready to sign a bill right away." Down up 33.
"The American people are looking for cooperation... consensus... common sense. Most of all, they want action. Let's get to work. " Dow up 38.
Close of speech: Dow up 39.78
Ten minutes after the speech, the Dow moved into negative territory.
This is an example of the short term thinking which is endemic on Wall Street. Don't look to it for rational responses to any plan that seeks to fix our deficit problem. Wall Street bankers have lobbied most heavily to maintain the present governmental tax and reward system.