Originally Posted by lonestar
DJIA 12932.73 -312.95 -2.36%
NASDAQ 2937.29 -74.64 -2.48%
S&P 500 1394.53 -33.86 -2.37%
This is a MSNBC report so it has to be a must believe for the far left..
If I'm doing the math correctly total 420+ points off in one day mostly because nobama was reelected..
Do you actually pay attention to why things happen or do you just check the GOP talking points and run with it?
FYI, the market actually rallied back a little in late trading and the reason why it went into free fall in the morning was largely due to bank stocks tumbling.
Why would bank stocks, a group Obama has been notoriously nice to by even right wing accusations, tank so hard because he got re-elected?
Maybe it has something to do with the EU outright stating before trading opened that they expect ZERO growth all next year. Also, that they expect Germany's economic growth to start tailing off.
The big losers yesterday were primary companies like Bank of America and JP Morgan, who are leveraged heavily in European holdings to the tune of TRILLIONS of dollars each. They just got a heads up that those values won't get better for at least a year, when they're already all hanging on the verge of going junk status, and the nation bankrolling what recovery they're seeing is now likely being drug down by it's surroundings and going to run out of disposable income soon.
Couple that with only really just getting into the Sandy trading effect, which is going to cost a lot of major companies tons of infrastructure cost and lost man hours to recover from.
Simple economics man. Our market is too heavily tied to Europe's.