41 replies to this topic

[Jase]

Market down 2.3%, no intraday bottom in sight yet.

NEW YORK (Reuters) - U.S. investors hit trading floors Wednesday morning with the same president and the same problems in gridlocked Washington and expected the same solution as always to a looming budget crisis that threatens the economy: punt and deal with it later.

President Barack Obama beat back Republican challenger Mitt Romney to win a second term, but he will still have to contend with a Republican-controlled House of Representatives that could make forging a compromise on pressing issues like the coming "fiscal cliff" difficult.

That so-called cliff is actually a $600 billion package of automatic tax increases and spending cuts, scheduled to take effect at the end of 2012, that could severely strain economic growth.
It is expected to be the top priority of the "lame-duck" Congress that will convene soon, though few hope for anything resembling a permanent solution to the problem.

"The best thing that could have happened is what happened," said Robert Manning, chief executive of MFS Investment Management in Boston. "I don't think there will be any grand bargain at all, just small fixes that will kick the can down the road."

Markets reacted negatively early Wednesday, as many feared they might do, with the S&P 500 immediately dropping 1.4 percent at the open. The index has rallied 67 percent since Obama took office - one of the most impressive runs ever for stocks under a single president.

"The recent pre-election rally has reflected Wall Street predictions of an Obama victory, but positive sentiment will move to worries about the fiscal cliff and the ongoing euro zone debt crisis, resulting in market choppiness over the near term," said Martin Sass, chief executive of New York money manager MD Sass.

[The Saltman]

If both parties cant agree on any compromises for the fiscal cliff this will only look like a speed bump.

[Firefox]

DOW is down 330 and falling

[mvp2011]

EVERY stock is down. We's about to go for a ride. Thanks for voting this inexperienced fugtard in guys. Good luck

[Jase]

down over 2.6% now.

oil is down over 4%.

Get ready for even lower gas prices! Thank you Mr. President!

[Davidson Deac II]

I think this has more to do with what we are facing in our future regarding fiscal issues than the results of the election. Although its possible that wall street was hoping there would be a shakeup and that one party or the other would get more power. I think the fact that things remain unchanged worries them more than Obama being re-elected.

[Jase]

well yeah.

That's basically what the quoted text said. Fiscal cliff being the primary concern at this point.

[mmmbeans]

investors liked him enough to send the s&p from 680 to 1460 during his term.

trollolllollollollol

[Jase]

investors liked him enough to send the s&p from 680 to 1460 during his term.

Investors liked the ZIRP induced gravy train, let's not fool ourselves too much here.

[mmmbeans]

Investors liked the ZIRP induced gravy train, let's not fool ourselves too much here.

i'm trolling anyway but daily market fluctuations don't mean shiat. and if we acknowledge the markets are artificially inflated anyway then we don't need to be wringing our hands about a 2% drop... especially since we know that the markets traditionally rally leading up to an election anyway.

[Jase]

i'm trolling anyway but daily market fluctuations don't mean shiat. and if we acknowledge the markets are artificially inflated anyway then we don't need to be wringing our hands about a 2% drop... especially since we know that the markets traditionally rally leading up to an election anyway.

Well, we did break through another level of technical support (1396) despite the fed having recently announced QE^infinity, so you have to at least admit it's a bit troubling.

[Davidson Deac II]

well yeah.

That's basically what the quoted text said. Fiscal cliff being the primary concern at this point.

Yea, but I used less words. Mine is not (insert acronym that Zod will ban us for).

[Davidson Deac II]

Btw, pepsico (owners of Doritos) is doing relatively ok today. Might that have something to do with how a certain vote in Colorado turned out?

[Jase]

Btw, pepsico (owners of Doritos) is doing relatively ok today. Might that have something to do with how a certain vote in Colorado turned out?

Pepsi also spun off/is heavily invested in the group that owns taco bell/pizza hut.

[Jase]

Two more stocks doing well today










lol