Wednesday, November 7, 2012

Dow Drops a Hair Under 330 Points (or 2.5%)

The S&P and Nasdaq did even worse. Looks like the market just voiced its disapproval.

"The Dow Jones industrial average was down 329.86 points, or 2.49 percent, at 12,915.82. The Standard & Poor's 500 Index was down 36.03 points, or 2.52 percent, at 1,392.36. The Nasdaq Composite Index was down 76.72 points, or 2.55 percent, at 2,935.21. The S&P 500 also below the key 1,400 level for the first time since Sept. 4.

Wednesday's drop is a reversal from the prior session's gains when voting was under way. Defense and energy shares were among the market leaders that day.

"The market is telling us that it was pricing in the potential for a Romney victory, based upon the rally over the past few days," said Phil Orlando, chief market strategist for equities at Federated Investors Inc of Pittsburgh.

On Wednesday, an index of defense shares was down 3.8 percent, its biggest one-day drop in a year. Shares of United Technologies were down 3.5 percent at $77.14.

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