Xtra Smileys
[Open]
Flame Damnation
March 29, 2024, 02:14:08 am
Welcome, Guest. Please login or register.

Login with username, password and session length
News:   
 
 
  Home Help Arcade Gallery Links Login Register  

Stocks Fall

Pages: [1]   Go Down
  Reply  |  New Topic  |  Print  
Author Topic: Stocks Fall  (Read 201 times)
0 Members and 12 Guests are viewing this topic.
caskur
Administrator
Hero Member
*****
Offline Offline

Posts: 1592



« on: November 05, 2008, 12:30:48 pm »
Reply with quoteQuote

Stocks fall as investors ponder Obama presidency
By SARA LEPRO, AP Business Writer – 15 mins ago AP –  …

NEW YORK – A case of post-election nerves sent stocks lower Wednesday as investors began questioning what impact a Barack Obama presidency will have on business and the overall economy. The Dow Jones industrials fell more than 300 points and the major indexes all fell more than 3 percent.

Stocks fell initially as investors cashed in gains after a six-day run that lifted the Standard & Poor's 500 index more than 18 percent. The selling picked up momentum as the market began to ponder what an Obama administration might do.

Obama will inherit an enormous budget deficit when he is sworn in Jan. 20. Analysts said they the market is already growing anxious about who Obama selects as the next Treasury Secretary, as well as who he picks for other Cabinet positions.

"A lot of the policy going forward is going to have an effect on the various sectors of the market," said Joe Keetle, senior wealth manager for Dawson Wealth Management.

Obama's victory means that industries such as oil and gas producers, utilities and pharmaceuticals may face greater regulation and even taxes, while labor unions and automakers are expected to benefit.

In addition, banks, insurance companies, hedge funds and the rest of the financial sector will almost certainly face attempts at a regulatory overhaul by the Democratic Congress next year.

Analysts said the market was also growing uneasy in advance of the Labor Department's October employment report, to be issued on Friday. Economists on average expect a 200,000 drop in payrolls, according to Thomson/IFR. Employers have been slashing jobs after a freeze-up in the credit markets crippled many companies' ability to get financing.

The market showed no reaction to the release of the Institute for Supply Management's services sector index, which fell to 44.4 in October from 50.2 in September. That's a steeper drop than the market expected, but analysts said investors have largely factored in negative economic news for the time being.

In midday trading, the Dow Jones industrial average fell 312.06, or 3.24 percent, to 9,313.22.

The S&P 500 index fell 33.49, or 3.33 percent, to 972.26. Through the six sessions that ended Tuesday, the index, the one most closely watched by market professionals, rose 18.3 percent.

The Nasdaq composite index fell 63.54, or 3.57 percent, to 1,716.58, while the Russell 2000 index of smaller companies fell 18.56, or 3.40 percent, to 527.41.
Report Spam   Logged

Share on Facebook Share on Twitter

Damion Hellstrom
Guest
« Reply #1 on: November 05, 2008, 03:52:15 pm »
Reply with quoteQuote

They know he's not going to be good for business.  As a result, the stocks fell.
Report Spam   Logged
caskur™
Swing Voter
Administrator
Hero Member
*****
Offline Offline

Posts: 11001


Tortured Artist


« Reply #2 on: November 06, 2008, 12:04:46 am »
Reply with quoteQuote

The same crooks run the exchange.

No government can weed them out, unfortunately.

Maybe people are just cashing in their stocks which caused the fall....
I mean, isn't Christmas and America's thanks giving coming up....people need cash to put those events on....just a hunch...

or people are dropping the prices to encourage buyers...


Report Spam   Logged
Pages: [1]   Go Up
  Reply  |  New Topic  |  Print  
 
Jump to:  

Bookmark this site!
Powered by SMF | SMF © 2016, Simple Machines
Privacy Policy