No Post-Election Market Rally for Obama?
Traditionally, the stock market rallies the day after an election, for the simple reason that the market is happy to have a big decision settled. Usually, such rallies aren't huge. But perhaps the market jumped the gun and rallied early yesterday, figuring that Obama's chances were good. The Dow Jones industrial average closed up 3.3 percent yesterday and the Standard & Poor's 500 index closed up 4 percent. The Nasdaq closed up 3 percent.
But today, stock futures are pointed towards a lower open, about 90 points lower. Perhaps Wall Street is eager to get back to the gloomy economy and the expected hard-to-swallow unemployment figures out on Friday?
In Europe, stocks were down across the board. The DJ Stoxx index fell 1.5 percent so far today and London's FTSE is down nearly 2 percent. In Asia, there was a clear Obama rally, as the markets were open when the results came in. Japan's Nikkei closed up 4.4 percent and Hong Kong's Hang Seng index rose 3 percent.
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