Wednesday, November 05, 2008

Stocks Plunge as Anxious Investors Ponder Impact of Obama Presidency

Whatever they sensed yesterday is gone as reality has set in...
NEW YORK (AP) -- A case of postelection nerves sent Wall Street plunging Wednesday as investors absorbed a stream of bad economic news and wondered how a Barack Obama presidency will help the country weather a possibly severe recession. Volatility returned to the market, with the Dow Jones industrials falling nearly 500 points and all the major indexes tumbling more than 5 percent.

The market was expected to give back some gains after a six-day runup that lifted the Standard & Poor's 500 index more than 18 percent. But investors lost their recent confidence about the economy and began dumping stocks again; light volume helped exaggerate the price swings.
Hope some of the more left wing commentors on this blog don't own stocks as it may cost em. Fortunately I saw this coming and am heavily into CDs.

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