Stocks Plunge in Obama Reelection Aftermath
US stocks opened sharply lower Wednesday following the re-election of President Barack Obama.
Within minutes of the opening bell, the Dow Jones industrial average was down nearly 200 points, USA Today informs.
The broader Standard & Poor's 500 index lost 21 points, or 1.5%, to 1,407. The Nasdaq was down 41 points, or 1.4%, to 2,971.
Investors' initial reaction is decidedly negative over the defeat of GOP candidate Mitt Romney who is considered more business-friendly than his opponent.
Investors also believe that the continued gridlock in Congress that will make it tough for lawmakers to avert a fiscal policy crisis by year-end.
- » Turkey to Hand Over Body of Pilot of Downed Su-24 to Russia
- » Leaders of EU, Turkey to Hold Summit on Migration Crisis
- » Clash Between Macedonian Police, Migrants Leaves Scores Injured at Border with Greece
- » Russian President Signs Decree Introducing Sanctions Against Turkey
- » Turkey Tells Its Citizens to Delay Travel to Russia
- » Macedonian Army Builds Metal Fence on Border with Greece
Investors pulled back sharply following President Barack Obama's reelection and rising worries about the upcoming fiscal fight in Congress.
The Dow Jones Industrial Average shed 232 points, or 1.8%, to 13014 in Wednesday morning trade. That was more than enough to erase the previous day's strong advance, and came after volatile movements in the overnight stock futures market.
Traders handle last minute trade orders on the floor of the New York Stock Exchange just before the closing bell on Tuesday.
The Standard & Poor's 500-stock index lost 25 points, or 1.8%, to 1403 and the Nasdaq Composite declined 53 points, or 1.8%, to 2959
AND THE WORST IS YET TO COME!!!