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TSX, Dow sell off on Obama election win

Posted By yihan On November 7, 2012 @ 11:18 am In Money Watch | Comments Disabled

CBC News [1]
November 7, 2012

Investors reacted gloomily today to news of the re-election of U.S. President Barack Obama, maintaining the status quo of a gridlocked U.S. government with the House and Senate divided along partisan lines.

The Dow Jones Industrial Average sold off heavily Wednesday morning, shedding 285 points to trade at 12,959 nearing midday. That’s the Dow Jones’ lowest level since the end of August.

The Toronto Stock Exchange was also lower, with the benchmark S&P/TSX composite index down 124 points to 12,237.

Asia and European stocks took a similar path, with Japan’s benchmark Nikkei losing 10 points to 8,950 and European benchmarks such as Paris’s CAC-40 and London’s FTSE both moved lower.

Francis Lun, managing director of Lyncean Holdings in Hong Kong, said the results mean an extension of the status quo. Stability is normally welcomed by investors, but not when the situation being preserved is an American government paralyzed by infighting over economic issues.

Full story here. [1]

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URLs in this post:

[1] CBC News : http://www.cbc.ca/news/business/story/2012/11/07/election-business-reaction.html

[2] Global sell-off shudders markets as euro plunges to 8-month low amid fears of debt default: http://www.prisonplanet.com/global-sell-off-shudders-markets-as-euro-plunges-to-8-month-low-amid-fears-of-debt-default.html

[3] Global Recession Fears Drive Sell-Off: http://www.prisonplanet.com/global-recession-fears-drive-sell-off.html

[4] Protests in Spain and Greece spark market sell-off amid fears efforts to save euro are doomed: http://www.prisonplanet.com/protests-in-spain-and-greece-spark-market-sell-off-amid-fears-efforts-to-save-euro-are-doomed.html

[5] Facebook shares hit all-time low as lock-up expiration lets insiders sell: http://www.prisonplanet.com/facebook-shares-hit-all-time-low-as-lock-up-expiration-lets-insiders-sell.html

[6] Obama asks eurozone to keep Greece in until after election day: http://www.prisonplanet.com/obama-asks-eurozone-to-keep-greece-in-until-after-election-day.html

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