Dow Plunges 300+ on Obama Win
Fiscal cliff worries loom
By Kevin Spak, Newser User
Posted Nov 7, 2012 8:57 AM CST
Updated Nov 7, 2012 10:43 AM CST
In this Thursday, Sept. 20, 2012 file photo, trader Frederick Reimer works on the floor of the New York Stock Exchange.   (AP Photo/Richard Drew, File)

(Newser) – Wall Street wasn't exactly cheering over President Obama's reelection. Stocks have been positively plunging all morning, with the Dow down 338 points, the S&P falling 37, and the Nasdaq dropping 79 as of 11:30am. With Washington's makeup essentially unchanged, investors were worried about the oncoming fiscal cliff, analysts tell The Street. "The biggest concern right now is the fear of a more deeply divided Congress," one investor says. "Given the track record of our lawmakers in raising the debt ceiling last year, there will be tremendous difficulty in getting a compromise."

The Dollar Index, meanwhile, rose to a two-month high, Bloomberg reports, as investors looked for a safe place to park their money should the cliff drama rattle markets. That movement was in part because the euro was plunging, after European Central Bank President Mario Draghi said that the credit crisis was affecting Germany.

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Showing 3 of 118 comments
oldcarl
Nov 8, 2012 2:56 PM CST
We do not depend on any major TV network for our news since they've taken a shap turn to the left and refuse to report the news fairly. With the many Internet sources of news now I don't waste my time listening to leftist propaganda. BTW, it seems just a matter of time before Greece and several European nations go over the financial cliff and the United States is also on the precipice. Without a serious cut in borrowing from China and spending with no restraint our own economy will go under. Does it matter whether Republicans or Democrats are in power if the borrowing and spending isn't stopped? Who could run their own household in that manner w/o losing it all?
GeorgeL
Nov 8, 2012 2:58 AM CST
NEWS FLASH!!!! "Given the track record of our lawmakers in raising the debt ceiling last year, there will be tremendous difficulty in getting a compromise." NO KIDDING! !!!!!
MarkFL
Nov 7, 2012 7:32 PM CST
Wall Street is certainly cheering. With a 300+ point drop the DOW average is still higher than it has ever been under Obama. These companies are worried about the cliff which is all about congressional obstruction. We are not going to reach the cliff because both parties are bought and sold by these people. There is no way that Washington won't roll over and do the bidding of Wall Street. They are just a little more nervous that it will get done in time because of the gridlock. Get over it. Their pockets have never been fatter.