U.S. stocks deeply in the red in post-election selloff

“Stocks remained deeply in the red in a post-election selloff Wednesday, triggered by worries over the looming ‘fiscal cliff’ and as fears over Europe’s economy reemerged,” JeeYeon Park reports for CNBC. “The Dow tumbled below 13,000, while the S&P 500 broke 1,400, both for the first time since early September. ‘It’s now how quickly we can focus on the ‘fiscal cliff’ and coming up with a resolution—that’s certainly the next item on the agenda for the market,’ said Art Hogan, managing director of Lazard Capital Markets.”

“The Dow Jones Industrial Average briefly plunged more than 350 points in its biggest one-day loss in nearly a year, dragged heavily by Bank of America (-5.43%) and JPMorgan (-4.52%). The S&P 500 and the Nasdaq were also sharply lower. The CBOE Volatility Index, widely considered the best gauge of fear in the market, spiked above 19,” Park reports. “All key S&P sectors were firmly in the red, led by energy and financials.”

Park reports, “Apple [AAPL $562.435, -17.7645 (-3.06%)] fell more than 3 percent, pushing the tech giant down a jaw-dropping 20 percent from its all-time high of $705.07 in mid-September. The stock is now trading in bear market territory.”

“Ratings agency Fitch said Obama needs to move quickly to avoid the ‘fiscal cliff,’ adding that failure to address the issue would likely result in a downgrade in 2013,” Park reports. “Wall Street had favored Romney and the Republican ticket in part because it preferred their approach of retaining tax cuts, and making spending cuts. The Obama Administration favors raising taxes on the richest Americans, and also increasing capital gains and dividend taxes.”

Read more in the full article here.

[Thanks to MacDailyNews readers too numerous to mention individually for the heads up.]

39 Comments

  1. Corporate America just spent approximately $3 billion trying to rig the 2012 elections, not counting bribes. The only ones stupid enough were the racist southern whites and the clueless low information voters swayed by disinformation and Bain very own NeoCon radio (Clear Channel is now in Bain’s clutches).

    Those who bothered to look at the facts or otherwise paid attention rejected the Oligarchs and their boys Willard RobbedMe and Lyin’ Ryan.

      1. You mean the corporate welfare that oil co. get? Oops, I mean subsidies :)- or perhaps the lowest top tax rate in history? These breaks for the 1% is what destroyed our economy.

    1. + 1 million.

      Time to rid Apple, MDN and the country of TP venom and ingonrant bigotted loudmouths !

      Holding the country ransom on fiscal cliff deadline will completely marginalize whatever is left of the kkks 2 years from now when they get an eternal house thrashing.

    1. “Apple [AAPL $562.435, -17.7645 (-3.06%)] fell more than 3 percent, pushing the tech giant down a jaw-dropping 20 percent from its all-time high of $705.07 in mid-September. The stock is now trading in bear market territory.”

    1. Freedom for some to impose religious based viewpoints on everyone was the other option.

      Luckily America’s own Taliban lost. If the GOP want to win they need to rid themselves of that extremist filth.

      1. My family owns a SMALL business. Whole different story. Apple succeeded in spite of all else tanking, because of Steve’s charisma and vision. Apple is still great, but it’s greatest advantage is no longer with us.

  2. Senator Elizabeth Warren is on her way to D.C. since she sent Wall Street’s favorite Senator packing. She knows where the bodies are buried and she is not afraid to speak the truth.

  3. What do you expect when welfare check recipients foist one of their own to be the king of welfare handouts and the socialist leader of the communist, not so free world.

    Even China has renounced communism, but we have a stick in the mud communist as commander in chief. Scary thought.

    1. MDN’s pet Republitard spouts his usual right-wing rhetoric. His stupidity only exacerbated by his ignorance as to what communism and socialism really means.

      His white, male-dominated, women-hating, gay-bashing, Hispanic-ignorning Republican Taliban Party is finished as we (thankfully) know it. It’s a thing of the past.

      Rock on Obama!!

    2. @Ballmer’s left nut et al.

      I think you’re confusing political and economic systems: a) Chonp is still Communist [a political system], but are now embracing Capitalism [an economic system] to improve their economy.

      So yes. Obama can both be a communist and support capitalism.

      Isn’t that lovely…

    3. @BLN,
      It is this sort of low class bigotry that makes America so divided.
      ‘when welfare check recipients foist one of their own’

      Why would any self-respecting republican even associate with you let alone a democrat?

      Sigh…..Rome is burning.

  4. This downward spiral has nothing to do with the election. Wall Street has oversold itself in its latest runup to maximize profits at others expense. Strong headwinds from Europe are blowing across the Atlantic. How this all shakes out remains to be seen. But this dangerous profit at any cost game has got to stop. Wasn’t the 2007-08 meltdown sobering enough?

  5. Where’s that First 2010 The 2012 jerkoff?

    It was knobs like him and all the other right wingnuts here that led me to quit reading this site after many years, turning this place into a giant douchefest with their angry hate.

    Yes, I came here to gloat and spike the ball in his face.

    Obama 2012!
    And if the R’s don’t stop their obstructionism we are going to sweep them out in 2014.

  6. Fear, worry and worthless opinions…

    First we had…
    “The stock market loves President Barack Obama. With all its cheating heart, and all its mercenary soul,” Jon Markman reports for MarketWatch. “More than that, actually — it adores him. The love story of Wall Street and Obama is a bromance like no other, a man-crush for the ages.”

    Now…
    “Wall Street had favored Romney and the Republican ticket in part because it preferred their approach of retaining tax cuts, and making spending cuts.”

    blah blah blah

    1. Emboldened by re-election you will now see a fast track of the last 4 years…

      Hahaha, good luck with your communist Muslim community organizer.

      The best is yet to come!

      Lean FORWARD SUCKERS, he’s gonna give you the full load!

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