After yesterday’s carnage in the stock market, strategists warned bouncing back wouldn’t be easy. Sure enough, today’s slide is starting to pick up some steam in early afternoon trading.
The Dow recently fell 93 points, or 0.7%, to 12840, which comes one day after the blue-chip index tumbled 312 points — the worst drop of the year — following President Obama’s reelection. Cisco Systems which reported its first monthly sales drop in nine years — and Home Depot are leading the declines, as lingering worries over the looming fiscal cliff are outweighing better-than-expected labor-market and export data.
The S&P 500 is down 0.9% to 1382 (so much for holding that psychologically important 1400 level). The tech-heavy Nasdaq Comp is off 0.8% at 2913 Apple Inc. shares are down nearly 3%, and have now fallen 22% in less than two months.
“The negative equity trade is building steam,” warns Andrew Brenner, global head of international fixed income at National Alliance. “Bonds are gaining traction as the world is becoming more negative on both Europe and the U.S.”
No one thinks that Obama is going to do a good job.
I do. I think he’ll be a transformational President who will go down in history as one of the greats. I’m not just saying that, I truly believe it, and in fact believe he’s part way there — health care reform, getting us out of Iraq, almost out of Afghanistan, and now he’ll work with Boehner to tackle economic imbalances. He’s already improved America’s status in the world and repaired alliances.
The stock market rises and falls. It’s always wrong to read too much causality into one or two days movement. After all, it rose dramatically during Obama’s first term!
I think he’ll be a transformational President who will go down in history as one of the greats.
Now we’ll know what would have happened if Carter got reelected.
health care reform
Already a train wreck.
getting us out of Iraq
Bush did that, all Obama did was sit in the chair.
almost out of Afghanistan
We’ll see.
It’s always wrong to read too much causality into one or two days movement.
This is a direct result of the election.