US stocks dive five percent after Obama winsNovember 6th, 2008 - 8:07 am ICT by IANS
New York, Nov 6 (DPA) Wall Street delivered its worst-ever post-election session Wednesday as major stock indices lost more than five percent, one day after the US market’s biggest-ever election day gains.Tuesday trading saw gains of more than three percent on Wall Street, even as voters were choosing Democrat Barack Obama over Republican John McCain for a four-year presidential term starting in January.
On Wednesday, though, economic reality set in with a private report showing a rapidly rising job losses. Another report on the labour-intensive service industries found a sharp contraction.
The blue-chip Dow Jones Industrial Average lost 486.01 points, or 5.05 percent, to 9,139.27. The broader Standard & Poor’s 500 Index was down 52.98 points, or 5.27 percent, to 952.77. The technology-heavy Nasdaq Composite Index fell 98.48 points, or 5.53 percent, to 1,681.64.
The dollar rose against the Japanese currency to 99.699 yen from 99.244 yen Monday. The dollar dipped against the euro to 76.863 euro cents from 79.233 euro cents Monday.
- Wall Street soars in biggest election day rally since 1984 - Nov 05, 2008
- US stocks boosted by upbeat economic news - Feb 02, 2010
- Wall Street continues spring rally - May 09, 2009
- Economic optimism spurs US stocks - Apr 21, 2010
- US stocks posts biggest one-day loss of 2010 - Jan 16, 2010
- US stocks tumble amid conflicting economic news - Sep 25, 2009
- US stocks climb on oil, gold hikes - Sep 09, 2009
- Wall Street up on European hopes, bank rally - Oct 19, 2011
- US stocks gain on financial firms - Mar 11, 2010
- US stocks rally to halt five-day losing streak - Mar 05, 2009
- US stocks fall on consumer confidence - Jul 11, 2009
- US stocks surge as economy returns to growth - Oct 30, 2009
- US stocks surge on first trading day of 2010 - Jan 05, 2010
- US stocks climb, Dow briefly reaches positive 2010 - Mar 03, 2010
- US stocks decline, dollar soars - Mar 25, 2010
Tags: barack obama, dow jones, dow jones industrial, dow jones industrial average, intensive service, japanese currency, john mccain, major stock indices, nasdaq composite index, republican john mccain