Stock Markets Retreat After Obama Win

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 271 points to trade at 12,974 in the afternoon 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 118 points to 12,242.

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.

via CBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza
Alfonso Esparza

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