US markets decline after Obama’s victory (Lead)

November 6th, 2008 - 12:49 am ICT by IANS  

Barack ObamaNew York, Nov 5 (IANS) The morning after the historic victory of Barack Obama as the first African American president of the US, stocks fell at the Wall Street and the US dollar further weakened.While the Dow Jones Industrial Average dropped off 1.4 percent, the Nasdaq composite index was down by 1.3 percent, with the companies in technology sector declining by two percent.

The decline, analysts said, wiped out nearly half the market’s rise that was recorded on election day. The Dow had gained 305 points Tuesday, which was said to be the biggest ever on a presidential election day.

Analysts said traders are now focusing on incoming economy reports, which is expected to add further to their worries.

Stocks of Indian companies listed on the New York Stock Exchange too fell during the initial hours of trading as the market opened for business Wednesday morning.

Obama won a historic victory in the race for the White House with Republican rival John McCain conceding defeat. He will be sworn in on Jan 20 next year.

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