- Obama’s regulatory agenda will cost U.S. economy $143B next year: report
- Patriot Act author on James Clapper: Fire, prosecute him
- Russia P.M. Medvedev: No amnesty for political prisoners
- Michigan GOP Senate hopeful reminds government is the ‘servant’
- Christmas, by Congress: Members mull a 15-cent tax on trees
- U.S. unemployment falls to five-year low of 7 percent; 203K jobs added
- World mourns Nelson Mandela and celebrates his life; burial set for Dec. 15
- Bill O’Reilly reminds: Nelson Mandela ‘was a communist’
- John Boehner says GOP should support gay candidates: ‘I do’
- Grass-Whopper: Pan-fried cricket burgers go over big in New York City
Stocks plunge after election; Europe woes deepen
A deal early next year is much more likely “once the political class begins to negotiate realistically and as the consequences … are too costly for either party to ignore,” he wrote.
Just after 10:15 a.m. EST, the Dow was down 240 points at 13,003. The S&P was down 26 points at 1,401. The Nasdaq composite index was off 57 points at 2,954.
As traders streamed into lower-risk investments, the yield on the 10-year Treasury note plunged to 1.64 percent from 1.75 percent late Tuesday. A bond’s yield declines as demand for it increases.
Broad industries reacted to the election much as analysts had expected.
Hospital companies soared because of expectations that they will gain business under the health care law, known as ObamaCare. HCA Holdings and Community Health Systems each leapt 6 percent, and Universal Health Services and Tenet Healthcare 5 percent.
With Obama seeking to restrain the growth of military spending, defense companies could struggle to win government contracts. Their stocks fell sharply: Lockheed Martin Lost 3 percent, Northrop Grumman 3 percent and General Dynamics 3 percent.
Among the 10 industry groups in the S&P 500 index, financial stocks and energy companies fell the most.
Banks figure to face tougher regulation in a second Obama term than they would have under Romney. JPMorgan Chase fell 3 percent, Citigroup 3 percent, Bank of America 4 percent and Goldman Sachs Group 4 percent.
The biggest losers were coal companies, which had hoped that a Romney administration would loosen mine safety and pollution rules that make it more costly for them to operate. Peabody Energy dived 7 percent, Consol Energy 4 percent, Alpha Natural Resources 9 percent and Arch Coal 10 percent.
Oil companies fell less steeply.
Alternative energy companies, especially solar manufacturers, rose on expectations that they will continue to enjoy generous subsidies. First Solar and Yingli Green Energy Holding each rose 2 percent.
- Spike in battlefield deaths linked to restrictive rules of engagement
- Activists urge Obama to go rogue, sidestep Congress
- Bill OReilly reminds: Nelson Mandela was a communist
- PRUDEN: British press horrified as London's new mayor dares to proclaim the truth
- Obama administration issues permits for wind farms to kill more eagles
- U.S. pilot scares off Iranians with 'Top Gun'-worthy stunt: 'You really ought to go home'
- MILLER: Obamacare enrollees include 101 members of the House of Representatives
- 'Hunger Games' delivers Obama's message on income inequality
- Inside China: Nuclear submarines capable of widespread attack on U.S.
- Obama downplays IRS scandal, blames Obamacare rollout on 'outdated' agencies
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