For the 2nd consecutive day after the election of Barack Obama as the President-Elect, the DOW suffered another huge hit today, losing 443 points down to 8695.79. Coupled with the 486 point drop on Wednesday, the two-day percentage drop of 9% is the steepest suffered by the DOW since October 1987.
The nation’s retailers announced huge decreases in sales during the month of October. In addition, Wall Street is bracing for another poor jobs report – set to be announced on Friday, November 7th.
While Republicans are clamoring that the DOW’s stiff drop is a direct correlation to the confirmation that Barack Obama will be the next President of the United States (something Wall Street expected as the election drew to a close), most analysts said the losses were “more likely an indictment of the economic situation that will greet him when he takes office in January.”
See Matt Egan’s article on Foxbusiness.com – Another Sea of Red: Dow Dives 443.
