WOODBURY - As the U.S. Senate voted to pass and President Barack Obama signed legislation raising the debt ceiling and cutting government spending, the Dow dropped nearly 266 points today.
Experts say the Dow has lost an entire year's gains in only one week.
While the legislation was preferable to a government default, there are still serious concerns about the effect it will have on the economy as a whole, according to financial experts.
Henry Montag, a certified financial planner, says that the only way for the economy to actually improve is for the government to start creating jobs and increase tax revenues.
Obama signs legislation to avert defaultDebt-limit bill passes; on its way to Obama