USA : Wall Street plunges as Obama sworn-in

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. - BuaNews-Xinhua

Michelle Obama's inaugural outfit sent a cheerful message of hope

Washington - US First Lady Michelle Obama's outfit, worn at the inauguration of her husband on Tuesday, has been applauded as sending a cheerful message of hope and a vote for the American fashion industry.

She wore a lemon grass coloured dress and jacket by designer Isabel Toledo.

"MS Obama is an unusual woman with great fashion instincts and innate style. And she has always supported lesser-known designers like Thakoon, Narciso Rodriguez and Isabel Toledo." said Patricia Mears, deputy director of the Museum at New York City's Fashion Institute of Technology.

Ms Obama accessorised the dress with unusual green gloves from J. Crew and green shoes.

Ms Toledo, a Cuban-born American designer known for her creativity and technique, designed the outfit with hopes Ms Obama would choose it for the ceremony, though Ms Toledo did not know for certain until Tuesday morning.

"There is nothing that comes close to this moment. It's not just my moment and hers, but it's the world's. It's not only what she's wearing. It's what the moment represents," Ms Toledo said. - BuaNews-Xinhua