How Many People Rethinking Their Vote After Wall Street’s Collapse?
Wall Street greeted the reelection of President Barack Obama with a thud, recording the worst day for the markets of 2012. Of course it was concerns over the fiscal cliff and the fact that the House, Senate, and White House have the exact same make-up as the last election cycle, where no deal materialized. After dipping under 13,000 for the first time since September 4th, the Dow Jones Industrial Average sank 312.95 points, or 2.4%, to end at 12,932.73. The blue chips last closed under 13,000 on August 2nd. Dropping under the psychologically significant 1,400 level, the S&P 500 index lost 33.86 points, or 2.4%, to 1,394.53. The Nasdaq Composite shed 74.64 points, or 2.5%, to 2,937.29. For comparison, Wall Street decline 5.1% on the day following Obama’s 2008 election, so at least we are improving. If Obama was able to run for more terms, we may have a post-election break even session by his third term!
Crude for December delivery fell $4.27, or 4.8%, to settle at $84.44 a barrel on the New York Mercantile Exchange. As the greenback rose, gold fell $1, or less than 0.1%, to settle at $1,714 an ounce.