No Speech Strong Enough for This Market

Actions speak louder than words, and sellers once again dominated trading today despite some tough talk by President Bush.

In a much anticipated speech, Bush called for a doubling of the maximum jail term for mail and wire fraud, and tougher sentencing guidelines for boardroom criminals. He said the Justice Department will create "a financial crimes SWAT team" to deal with corporate crimes. He also called for a "new ethic of responsibility" in corporate America and backed a series of proposals by the New York Stock Exchange, including that a majority of company directors -- and all members of audit, nominating and compensation committees -- have no material relationship with the company.

Major averages traded at session highs as the president's speech began but faltered soon thereafter and tumbled into and throughout the final hour of trading. ...