Short post here...
Today's Market reaction to the news of Barry Obama's victory was swift and sure:
"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.
The S&P 500 tumbled 52.98 points, or 5.3 percent, to 952.77, erasing yesterday's 4.1 percent rally. The Dow retreated 486.01, or 5.1 percent, to 9,139.27. The Russell 2000 Index of small U.S. companies fell 5.7 percent to 514.64. The MSCI World Index of 23 developed markets decreased 2.5 percent to 982.98. "
Here is the complete article from Bloomberg:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aj_ayFUP0riQ&refer=home
To be generous, there were also other factors for today's drop, but the "Hope and Change" promised will clearly not be immediate.
Best,
Mike
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2 comments:
Markets are not plummeting due to BO's victory.
Markets are plummeting because the true nature of the financial disaster in front of us is only now coming light.
Every move made by the Fed, Treasury, and Bush administration for the past year was made to HIDE and DELAY the impending doom until after the election (ostensibly to give McCain a chance). The moves failed in their primary objective, and now the true consequences are being uncovered and understood.
That is why markets are plummeting. BO has nothing to do with it. If anything, BO's intelligence and temperment are helping to hold markets up, not drive them down.
--MP
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