Arab Today, arab today wall st greets obama win with 24 plunge
Last Updated : GMT 21:09:51
Arab Today, arab today
Arab Today, arab today

Wall St greets Obama win with 2.4% plunge

Arab Today, arab today

Arab Today, arab today Wall St greets Obama win with 2.4% plunge

New York - AFP

US stocks plunged 2.4 percent Wednesday after President Barack Obama\'s re-election victory set up a tough battle with Republicans over the looming \"fiscal cliff\". The end of a long, hard-fought battle with Republican Mitt Romney was rewarded with a steep sell-off, despite Wall Street having recovered strongly from the recession crash since Obama took office. Romney had been favored by markets for his less-tax, less-regulation stance, but analysts said traders were worried that the still-divided Congress could again deadlock on fiscal reforms, allowing the harsh \"fiscal cliff\" package of spending cuts and tax hikes to take effect on January 1. \"By returning a divided government to Washington, the electorate has given neither party a clear mandate to address the lackluster recovery, the fiscal cliff, and the looming debt crisis,\" said Brian Kessler at Moody\'s Analytics. \"Sadly, it doesn\'t look as though much has changed, and reaching an agreement on the fiscal cliff may sound easier but it is not,\" said Hugh Johnson of Hugh Johnson Advisors. After opening sharply lower, losses on the stock indices accelerated in a tsunami of red ink. The Dow Jones Industrial Average dived 312.95 points (2.36 percent) to finish at 12,932.73, closing below 13,000 for the first time in three months. The tech-rich Nasdaq Composite shed 74.64 (2.48 percent) at 2,937.28. The S&P 500-stock index, a broad measure of the markets, skidded 33.86 (2.37 percent) to 1,394.53. Obama won a resounding victory over Republican challenger Mitt Romney for another four-year term in a closely fought race late Tuesday. But voters left Congress divided, with Democrats maintaining control of the Senate and Republicans holding the House of Representatives with less than two months before the automatic fiscal cliff is reached. Market sentiment was also pressured after the European Union slashed its eurozone economic forecast and European Central Bank chief Mario Draghi warned that the eurozone\'s woes were beginning to hurt Germany, the bloc\'s powerhouse. \"The market is not just nervous because of the election, it is also very nervous because of Greece,\" said Michael Gayed of Pension Partners. The broad market sell-off was led by telecommunications, financial and commodities stocks. On the blue-chip Dow, Bank of America dived 7.1 percent, JPMorgan Chase shed 5.6 percent and AT&T lost 3.3 percent. The rest of the 30-stock Dow also ended in the red, including Alcoa, off nearly three percent, Caterpillar (-3.5 percent), Intel (-3.8 percent) and United Technologies (-2.9 percent). Oil heavyweights slid as crude prices fell sharply: Chevron shed 2.6 percent and ExxonMobil was down 3.1 percent. Coal producers, which were hoping for industry support if Romney won the vote, were hammered: Alpha Natural Resources plunged 12.2 percent and Arch Coal lost 12.5 percent. Defense contractors also were punished: Lockheed Martin fell 3.9 percent and Raytheon fell 3.3 percent. Media giant Time Warner was a rare gainer, adding 4.2 percent after posting quarterly earnings that beat forecasts. Pfizer dropped 1.3 percent despite getting FDA approval for its rheumatoid arthritis drug Xeljanz. On the Nasdaq, heavyweight Apple dropped 3.8 percent and Facebook lost 3.3 percent. Bond prices jumped as investors fled equities. The 10-year US Treasury yield fell to 1.63 percent from 1.74 percent late Tuesday, and the 30-year tumbled to 2.82 percent from 2.92 percent. Prices and yields move inversely.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today wall st greets obama win with 24 plunge Arab Today, arab today wall st greets obama win with 24 plunge

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today wall st greets obama win with 24 plunge Arab Today, arab today wall st greets obama win with 24 plunge

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday