Dow drops 200 points during Obama speech

C.J. Ciaramella Contributor

The Dow Jones Industrial Average plunged 635 points today, but it shed more than 200 of those points after President Obama began speaking on the economy this afternoon.

At a press conference at the White House today, Obama tried to brush aside the recent downgrade of the U.S. credit rating by Standard & Poor’s from AAA to AA+. (Markets rise, fall during trading after S&P downgrade)

“No matter what some agency may say, we’ve always been and always will be a triple-A country,” Obama said.

The markets weren’t encouraged, however. The Dow closed below 11,000 for the first time since last November. All three major U.S. stock indexes sank between 5 percent and 7 percent. Overall, U.S. stocks have fallen 15 percent during the past two weeks.

A graph prepared by a conservative political action group American Crossroads shows the stock market’s continued sell-off after Obama starts what the group calls his “vanity press conference.”

“If anything, President Obama’s saber-rattling on raising taxes and even more debt-financed spending drove the market down even further,” said Steven Law, president and CEO of American Crossroads. “If Obama can just cut out the vanity pressers for a while, that would be a positive step toward pulling out of this nosedive.”