Sorry dreamers, no 10% rally on a McCain upset. After an election night remarkable for a lack of suspense and its predictability, the market is now trading off, giving up some of the gains it made yesterday:
Bloomberg: “The rally has already taken place as polls made it clear who would be elected,” said Gilles Glicenstein, chief executive officer of BNP Paribas Asset Management in Paris, which oversees $419 billion in assets. “Now, people will wait to see what happens. We’re in the heart of the recession now.”
S&P 500 futures expiring in December dropped 1.4 per cent to 989.4 as of 11:14 a.m. in London. Dow Jones Industrial Average futures retreated 1 per cent to 9,489 and Nasdaq-100 Index futures decreased 1.2 per cent to 1,363.75.
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