“American and European markets fell this morning after the election of Democrat Barack Obama and Democratic gains in both the House and Senate,” Scott Mayerowitz reports for ABC News.
“With the closely watched presidential election over, the business world now braces itself for the new reality of a Democratic-controlled Washington. That likely means stronger oversight and regulation of the financial sector, a tax structure that is less friendly to companies, increased spending on entitlement programs and more labor-friendly policies,” Mayerowitz reports.
“The drops do not necessarily mean the markets are upset with Obama’s victory. It could just be investors taking profits after recent gains,” Mayerowitz reports.
“Wall Street had a lot invested in this election,” Mayerowitz reports. “The federal government has wide powers to regulate business in America — everything from the way stocks, bonds and other investments are traded to the way companies and their employees are taxed.”
“And the government’s role has become much more active as the financial crisis has spread,” Mayerowitz reports. “The new president is going to have to administer the $700 billion bailout, weigh a second economic stimulus package and look at what new regulations and oversight should or should not be imposed on Wall Street.”
Full article here.
Benjamin Pimentel reports for MarketWatch, “Technology stocks tumbled Wednesday morning as the broader market retreated following the previous day’s rally and as investors pondered the major economic challenges that President-elect Barack Obama will face.”
Pimentel reports, “The Nasdaq Composite Index [fell] 3.0%… Major tech players were in the red, including Apple Inc. (AAPL: $106.60, -4.39, -4.0%) , Hewlett-Packard (HPQ: $36.99, -1.25, -3.3%) and Microsoft Corp. (MSFT: $22.76, -0.77, -3.27%).”
Full article here.
I warned you guys this would happen if you voted for BO!
Tech stocks climb as Bush wins re-election – November 03, 2004
The rich guys are now putting their money in the China market.
Even a one percent employment up or down always spikes the market, but getting a new president doesn’t.
Obama negatively used the word “trickle down”, but the fact is that even in Bible days, everything does “tricke down” The rich are going to find other places to stash their cash so it can’t be taken. Employers simply won’t hire as many people. Removing our troops quickly makes the rattlesnakes think we are tucking tail and running home. You simply can’t negotiate with a rattlesnake.
Aww, geez, I should have stayed away but I just couldn’t help myself…
Did it ever occur to anybody that the markets’ drop today has little to do with Obama’s victory, since it was clear before today that he was going to win? It would be more logical (but still probably wrong) to claim it’s a negative reaction to the Dems’ failure to take a filibuster-proof control of the Senate.
The market is about speculation, that’s how you make money…the market actually did quite well the week before…and it’s been a daily roller coaster for the last few months anyway…
This inference by MDN (no take, but the “related article” is clearly an editorial comment) is completely specious. I guess we could expect no less (or more)
As any student of American History can see..
our country’s political landscape swings on a pendulum —
From left to right and back again–
There is no subversive plot by the Liberals happening here — it’s just the way our country works– Its a healthy thing !
Hopefully, one bright spot here– could be that the 20-odd years of right wing-nut programming about how bad “The Left” is will slowly fade away —
The left is no better or worse than the right– our country actually need BOTH !!
And — not to point out the obvious, here — but
after eight years of suffering through having –
“The ‘yew-niter’ not a ‘dee-vider’ ” at the helm – Its time for a change !
As a well known blogger has written, “the plural of anecdote is not data.” But we don’t even have plural here. You pick one number on one day and extrapolate an entire macroeconomic theory based on it to suit your paranoid right-wingnut masturbatory fantasies.
Screw you, MDN.
Seriously.
Just bugger off.
Ottawa Mark,
Actually, the article is completely related as it covered the market’s action on the day following the last U.S. presidental election.
Just because you don’t like what it says or does not say does not make it “specious.”
Nor does it grant you any basis upon which to infer MDN’s intent as this site always very clearly labels their “Takes” when they have one they wish to offer.
Ah, another politically charged headline on a Mac news website. Just in time to let all the sore-looser neo-cons air their sour grapes.
@ Big Mac,
We’ll see… only time will tell. As of now, Bush is still in command, and the stock market continues it’s volatility. Truth be told, we won’t have any sort of early indicators until after Obama’s first 100 days.
@CD,
There is some truth to that… with emphasis on the word some. The problem comes when ‘Trickle-Down Economics’ becomes policy. It has failed, miserably, every time an administration has tried to implement it; as it amplifies the existing tendencies.
@MDN, can we please put all this political crap to bed for awhile, and focus on relevant Apple news?
When nutball Libs don’t like the message, they shoot the messenger — and the wrong messenger at that!
MDN did not writes the articles above, ABC News and MarketWatch did.
Well, all you people that voted for Barack Hussein Osama will get the change that you wanted.
But hey, Apple wasted $100,000 on the same sex deal.
We stopped the Hate and voted YES ON 8!
MDN reports frequently on the market and AAPL stock and also reported on the market action following the last U.S. prez. election, too.
Obama voters are just upset that the market tanked after his election, but surged after Bush’s re-election, so they lash out at MDN.
If the market actions were reversed, the Obama voters would be carrying on their starry-eyed vacant look Grant Park partying right here in this forum.
The market and Obama are not necessarily related.
Most people in America and the World seem to be happy about the election. Hopefully the World will become a better place.
clinicaltechmaster,
You must live in California, land of fruits and nuts.
Being freakishly divorced from reality is not a virtue.
Fscking neo-flower children.
God save us all.
Oct 1, 2000 Dow @ 10387 + Oct 1, 2008 Dow @ 9625 = Flat stock market during Bush era
@ Judge Bork – you’re wrong. Related to this site and Mac news in what way? The one comment on tech stocks falling?
OttawaMark is correct, and is calling them on it. Good.
Just ridiculous… ON Wall Street, the golden rule is: ‘Buy on the rumour, sell on the news’. The (positive) ‘rumour’ here was that Obama was going to win. Thus the rally in anticipation of the final victory. The victory came and now is time to sell. This should be obvious to anyone who has ever followed the stock markets. Much like AAPL, droping like an anchor after anouncing yet another stellar quarter.
As a foreigner, I have been fascinated for the past three months or so about the blind hope the conservatives had for their republican candidate. To everyone observing this from outside, it was totally obvious that after eight of the most disastrous years in the US, there was absolutely no chance a republican could be elected. Back in the old country there is (a rather bigotted) saying for situations like this: “They could have nominated even a toothless dark-skinned gipsy man and he would have gotten elected”.
I am deeply convinced that America today is no less racist than it was yesterday. Under any normal conditions, there would have been no chance in hell a non-white man would have been elected president. It took George Bush and eight years of total nightmare (trampling on civil liberties, arbitrary spying on Americans, detaining people for years without any process, frivolous war that has generated fresh armies of terrorists where there were none before…) to make this possible.
America, congratulations for some sanity and good luck!
LET THE BLAME BEGIN!!!!
GOP = BOP (Blame Obama Party)
Did it even occur to anyone that maybe the markets are just doing what they do everyday, fluctuating wildly.
The reason this was so small is the markets had already mostly factored in an Obama win, otherwise this would have been more than double digits.
It’s not just Obama, it’s democrats controlling the White House and Congress, and soon the Supreme Court.
Certain raising of the Capital Gains tax rate is death to the capital markets and will do serious damage to any hope of economic recovery.
Apple contributes to Obama’s campaign only to find that their total net worth now drops more than what Apple donated to Obama’s campaign. This is what liberal loons call a bargain, a tax on stupidity.
I remember in 1992 when the Tories regained the UK Parliament and a right-wing acquaintance of mine crowed how because the Pound had gone up three cents against the Deutschmark (to DM2.92) it proved he’d voted the right way.
Six months later the Pound was trading at DM2.40.
Markets are all about speculation. Whatever they do today does not matter in the long run. The reality is still that the Western economies are mostly in the toilet and the next few years will be difficult. Had McCain been elected we might have managed a one-day bounce, perhaps even a one-week one, but the US economy would still have been as buggered as it will be under Obama. Wall Street would have still found its level.
After reading the comments on this site over the last few weeks, I think it’s safe to say that mac users can no longer be assumed to be the more intellectual demographic of computer users.
@think about it
“As any student of American History can see..
our country’s political landscape swings on a pendulum —
From left to right and back again–“
Except in America where the pendulum defies gravity and really only swings from the center to the right, Compared to the “Left” just about anywhere else in the world, the Dems are still “Right of center”.
Comments like:
“When nutball Libs don’t like the message, they shoot the messenger — and the wrong messenger at that!”
“Obama voters are just upset that the market tanked after his election, but surged after Bush’s re-election, so they lash out at MDN.”
Ok listen to yourselves. You are no further than 10 posts in to this thread making comments like that. Broad sweeping generalizations about Obama voters are upset about the market tanking. You aren’t basing your comments on what Obama voters are saying, because barely anyone has even commented on this. No, you are saying what you THINK Obama voters are saying based on your own biases and preconceived notions.
But don’t let truth or facts ruin your slanted view or anything.
Besides, you guys always say what a bunch of losers obama people are, how do they even have investments anyway if they suck so bad?
Macromancer, wrote “…mac users can no longer be assumed to be the more intellectual demographic….”
Hey, Macromancer, did it really take you that long to come to that conclusion? Does this confirm your being a card-carrying member of the intellectually-challenged demographic?
” It could just be investors taking profits after recent gains”
How recent? The last week or so?
-jcr