Like the hangover from last night’s partying that’s making you want to throw up now, the Dow Jones Industrial Average is having a bad reaction to last night’s Obama-victory jubilation. The index is already down 300 points and the other major indices aren’t faring much better.
AP: A case of post-election nerves sent stocks lower Wednesday as investors began questioning what impact a Barack Obama presidency will have on business and the overall economy. The Dow Jones industrials fell more than 300 points and the major indexes all fell more than 3 per cent.
Stocks fell initially as investors cashed in gains after a six-day run that lifted the Standard & Poor’s 500 index more than 18 per cent. The selling picked up momentum as the market began to ponder what an Obama administration might do.
Obama will inherit an enormous budget deficit when he is sworn in Jan. 20. Analysts said they the market is already growing anxious about who Obama selects as the next Treasury Secretary, as well as who he picks for other Cabinet positions.
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