Washington - While about two million people gathered in Washington DC to celebrate the inauguration of Barack Obama as new US President, Wall Street plunged more than 4 percent in New York.
Many have pinned high hopes on Mr Obama to turn around the economic crisis facing the country.
In his address just after taking the swearing-in oath, Mr 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 Mr 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 Mr Obama's approval rating had risen to nearly 80 percent, 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 percent 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 percent, falling below 8 000 for the first time in 2009, while the Standard & Poor's 500 and the Nasdaq indexes dropped more than 5 percent. -
