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US stocks sink for 2nd day after election



President Barack Obama. AP FILE Photo

NEW YORK—US stocks sank Thursday in the second day of losses after President Barack Obama’s re-election victory, trimming another one percent after Wednesday’s huge rout.

At the closing bell the Dow Jones Industrial Average lost 120.95 points (0.94 percent) to 12,811.78.

The broad-based S&P 500 fell 16.99 (1.22 percent) to 1,377.54, while the tech-rich Nasdaq Composite lost 41.71 (1.42 percent) at 2,895.58.

The fall added to the Dow’s 313-point drop on Wednesday — the biggest one-day loss in a year — one day after Obama defeated Republican challenger Mitt Romney at the polls.

On the same day the S&P lost nearly 34 points and the Nasdaq nearly 75 points.

Traders said Wall Street, which had largely favored Romney, was reacting more to the specter of a new grueling battle between Democrats and Republicans over the deficit and the looming “fiscal cliff” spending cuts and tax hikes.

“Markets did an about-face yesterday, as heavy selling crushed major indices by more than two percent,” said Tony Venosa of Schaeffer’s Investment Research.

“The looming ‘fiscal cliff’ and eurozone economic issues have been brought to the forefront.”


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Tags: Barack Obama , Business , economy , Mitt Romney , politics , US elections , US stocks

  • http://www.facebook.com/perryutanis101 Perry Utanis

    Barak Obama won the election with no mandate.For the sense of argument the dirtiest ,sleaziest undignified election in US history.

  • Diablo_III

    Stupid liberals who loves welfare, foodstamps, free-rent. This is what you earn from electing a Democrat.. God bless America…

  • ThudOthwacker

    Will there be another impeachment or GOD forbid an assassination? Mark it people I said it first.

  • http://pulse.yahoo.com/_T24N4GB5325RX7QBDUTU7KTKW4 Chi2 Garupa

    Business is saying the worst is yet to come. Brace yourselves for another round of job losses, dollar losing its luster, company bailouts/bankcruptcies, military might second to China… 

  • TruthHurts116

    I am in favor of going off the cliff. The $600 billion in spending cuts appease the GOP, the tax increases will appease the Democrats. Let the chips fall where they may.

  • starstudded

     Sadly trolls like rock7222, ManongOsang, Karabukov, and the like swallowed Obama’s “The best is yet to  come refrain” hook , line. and sinker. I am not sour graping on Romney’s loss. I have been posting here that regardless of who wins in the US presidential election, US economy will get worse before it gets better. And this will have dire consequences to global economy and huge setback to third world countries like the Philippines. Hope is certainly facing a bleak future.

    I am not being
    pessimistic here, I’m just stating the obvious. You know why? Obama
    promised to uplift the US economy and the only way is for him to reduce his
    budget deficit drastically. He can’t do it in a “snail pace” otherwise it will take decades before US economy can recover. But economic strategists and analysts termed his desperate measure heading fastger towards
    “financial cliff (bangin).” instead of avoiding it. The reason is that Obama plans to increase
    tax collections in the amount of 7 trillion therefore, he has to impose
    new taxes. But this is not enough, he has to decrease spending and this
    can only be done by reducing it to the tune of 500 billion next year and that includes another reduction of military spending resulting in greater threats to the US national security. This
    also necessitates reduction of benefits already enjoyed by the American people such
    as tax breaks to businessmen or even foodstamps to the 47million recipients. Furthermore, foreign grants to third world countries must necessarily be reduced or totally scrapped. But the ecomists and analysts are one in
    saying that it is not a question as to whether or not these measures will be enforced by Obama or
    not. He is forced to enforce it otherwise another great depression will start to kick off next year. So, can he still blame Bush
    when Obama had his first four year term already?

    Both Democrats agree as of the formula however they hotly differ as to the amounts. The sad thing is both Democrats and Republicans to date are still holding to
    each guns and nothing positive will happen in the near future. This is
    why the Dow Jones or US stocks slumped because rich people and businessmen are apprehensive to
    gamble in the stock market with a highly divisive administration. But
    of course, Obama’s finger-pointing or labeling the republicans
    as obstructionists will always come in handy at the expense of the US
    economy. It will not recover unless and until measures are in place which will propel the uptick of US economy. Any delay is fatal.

    The brunt of this coming US great depression will surely felt
    by third world countries most especially the Philippines. Fasten your
    seat belts people because we are falling to a “financial cliff” whether
    you like it or not. CNN and Fox News are respectively running an article on the issue of “financial cliff.” You better read all about it and understand what’s in store for the future or you will die wondering why.

    • jurbinsky77

      I remember Obama promised to pursue changes in Washington, DC.
       But instead of acting as a common leader the intolerant Democrats acted so abusive, insulting the Republicans at the drop of hat. If you happened to watch Chris Matthews and the comedian Bill Maher together with Letterman, they contributed to the hostility and alienation between supporters of the political parties. Romney was so decent of a man but the Democrats attacked him, like a rabid dog.

      When all is said and done, the general public suffer while the welfare dependents dont care but only make sure their benefactor wins in the elections.

  • kimo211

    ano  ba  yan  obama,,,forward  to  progress….ba  yan?

    • sanjuan683

      Sabi ni Obama worst is yet to come in US. Umpisa na yan.



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