The stock market posted its biggest plunge following a presidential election as reports on jobs and service industries stoked concern the economy will worsen even as President-elect Barack Obama tries to stimulate growth.
Citigroup Inc. tumbled 14 percent and Bank of America Corp. lost 11 percent as the Standard & Poor’s 500 Index and Dow Jones Industrial Average sank more than 5 percent.
The S&P 500 tumbled 52.96 points, or 5.3 percent, to 952.79, erasing yesterday’s 4.1 percent rally. The Dow retreated 486.01, or 5.1 percent, to 9,139.27 and the Nasdaq Composite Index dropped 98.48, or 5.5 percent, to 1,681.64.
(Bloomberg.com)
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11 Responses
with all of the optimism for “change” I’m surprised of this news.
Patience! The market tanked in anticipation of an Osama victory. The up in the last few days was inexpectation of McCain winning. Now that Obama won the market is going down down down. Sell short.
Thanks a lot President Eject (woops, I mean Elect) – can I bill you for my loss?
eman,
you are 100% correct! the market is angry because now everyone will be taxed to death.
#3 ans #6: ‘Wall Street” = investors seemed to sense a McCain upset victory, but overlooked the large number of absolutely ignorant and uneducated voters who were let loose, especially by age 18 vote entitlement.
The melodramatic Obama campaign was well designed to appeal to the tv/newpaper/trash magazine-indoctrinated general American public. Of course it was reminiscent of Leni Riefenstahl, and the associated scum purveyors of Nazi Germany, because the Hollywood idolaters knew how to manipulate an audience. (In our case, the USA public.) Hang on! It can get worse!
Do some research, people. Historically, every post-democratic victory shows losses. I bought all sorts of ultra-short stocks yesterday (smn, skf, srs, and eev) knowing this, and I made a mint today!
Keep shorting the market and you’ll make some money, too (short-term). That’s what the gurus are saying!
If you earn less than 200,000 this is great because obama will redistribute the wealth from the very rich to the very not rich.
Agav, that was a brilliant political move to hire a yid first and then later sneak in one of his life long friend kooks in a national security post.
Achake loy.
Give me,
Because all I have been hearing from the almighty Obama and his cohorts in the media for the last year was about how much change there will be & how much better it will get.
BTW does anyone know if the ocean levels dropped today?
break, the markets react to what they think will happen. they have correctly concluded that obama’s tax raises will send businesses to countries with lower taxes (china/india/japan), destroying the american economy
ChalabiJew
Do you have more stock tips for us? you seem to know what you’re talking about.
The economic crises has not bottomed out at all. It has nothing to do with the president-elect, and everything to do with the republicans starting with Regan who deregulated swaps and Greenspan–who totally was blindsided by his narrow minded out dated economic models–behavorial economics has been in the forefront of the brightest economists for 20 years, but Greenspan just ignored it. Experience matters? No way, experience just yields old ways of approaching new problems–which do not work. The markets will stay eratic and low for a long, long, time.