Wall Street plunges as Obama sworn-in

Many have pinned high hopes on Obama to turn around the economic crisis facing the country.

In his address just after taking the swearing-in oath, Obama admitted that the US was "in the midst of crisis", listing war, economy, healthcare, home foreclosures, jobs, energy and other challenges.

"Our economy is badly weakened, a consequence of greed and irresponsibility on the part of some, but also our collective failure to make hard choices and prepare the nation for a new age," said the new president.

But Obama assured Americans that although "the challenges we face are real, serious many," and "will not be met easily or in a short span of time," America's goals will be met.

A recent national poll also showed that Obama's approval rating had risen to nearly 80%, revealing people's satisfaction with his work in the transition of power, establishment of his cabinet, as well as high expectations of his administration.

The US stock market plunged more than 4% on Inauguration Day as bank woes spread while investors failed to find confidence from President Barack Obama's inauguration speech.

The Dow Jones Industrial Average was down more than 330 points, or 4%, falling below 8,000 for the first time in 2009, while the Standard & Poor's 500 and the Nasdaq indexes dropped more than 5%.

Article published courtesy of BuaNews-Xinhua