The S&P 500 Index broke to a new bear market low on Friday as the U.S. government took a 36% equity stake in Citigroup, and an updated GDP report showed the U.S. economy contracted at a stunning 6.2% annual rate in the fourth quarter of 2009. The decline on Friday was the ninth in ten days, and the month’s 11% loss marked the worst February since 1933. More worrying, the losses occurred during an important week for the Obama Administration, which included the President’s first address to a joint session of Congress, and the unveiling of his first budget. It seems that few investors are tuned in to the high approval ratings of the new president.
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