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Stocks plunge as investors ponder Obama presidency
Stocks plunge as anxious investors ponder impact of Obama presidency on business, economy
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.
"The market has really gotten ahead of itself, and falsely priced in that this recession wasn't going to be as prolonged as thought," said Ryan Larson, head of equity trading at Voyageur Asset Management, a subsidiary of RBC Dain Rauscher.
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Case in point, didn't we have an "Election Rally" yesterday? Didn't someone say election rally would last 60 days following?
NEWS CHANGE EVERYDAY. There is so much media out there, no one cares about accountability of what they say.
"Oh oops I made a bad call on Bear Sterns" - Jim Cramer
Ouch - I hope you're not those people who buys what he says to buy on the show - cuz you would've lost 95% if not more the same week!
I agree with Ulic - too much pop media = you lose your senses of direction. Not asking for you to be completely clueless and thinking Jeremy Clarkson is your prime minister, but trust your instincts, macroeconomics, indicators, and overall fundamentals.
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