US stocks sink for 2nd day after Obama re-election

US stocks sank Thursday in the second day of losses after President Barack Obama's re-election victory, trimming another one percent after Wednesday's huge rout.

The specter of a bruising political battle over the fiscal cliff and budget cutting added to more eurozone worries and lowered corporate outlooks to press share prices down.

But shares were also pulled down by another 3.6 percent fall in shares of Apple, the world's largest company by market capitalization, taking its loss in the past five sessions to nearly 11 percent.

The Dow Jones Industrial Average lost 121.41 points (0.94 percent) to 12,811.32.

The broad-based S&P 500 fell 17.02 (1.22 percent) to 1,377.51, while the tech-rich Nasdaq Composite lost 41.71 (1.42 percent) at 2,895.58.

The fall added to the Dow's 313-point drop on Wednesday -- the biggest one-day loss in a year -- one day after Obama defeated Republican challenger Mitt Romney at the polls.

On the same day the S&P lost nearly 34 points and the Nasdaq nearly 75 points.

Traders said Wall Street, which had largely favored Romney, was reacting more on worries of the looming battle between Democrats and Republicans over the deficit.

"If you were sitting yesterday and didn't sell enough, you were nervous at the end of the day, and you got back involved and started selling," explained Michael James of Wedbush Securities.

In addition, he said, "the complete technical breakdown of Apple today has forced a big risk reduction and positioning reduction."

Apple shares lost another 3.63 percent to $537.75, after falling 3.8 percent Wednesday.

Some analysts called it a correction in the stock's price after a huge runup, while others cited worries about possible capital gains and dividend tax hikes from the beginning of the year.

Bank of America (+1.7 percent) and Boeing (+1.2 percent) were leaders in a handful of gainers on the 30-stock Dow.

Cisco (-2.2 percent) and McDonalds (-2.0 percent) led the losers.

Industrial equipment maker Babcock & Wilcox plunged 11.1 percent despite beating earnings expectations in its fiscal first quarter with a $46.7 million profit.

Chip maker Qualcomm rose 4.4 percent after delivering a fairly buoyant outlook for sales.

Bond prices were mixed. The 10-year US Treasury yield was flat at 1.63 percent, and the 30-year fell to 2.77 percent from 2.82 percent Wednesday. Bond prices and yields move inversely.

Loading...
 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2522-0.0006-0.05%
    USDSGD=X
    1.7295-0.0011-0.06%
    EURSGD=X
    2.1022-0.0019-0.09%
    GBPSGD=X
    81.8215+0.0888+0.11%
    SGDJPY=X
    6.1928+0.0034+0.05%
    SGDHKD=X
    2.5859+0.0013+0.05%
    SGDMYR=X
    9,120.0244-31.1943-0.34%
    SGDIDR=X
    4.9706+0.0064+0.13%
    SGDCNY=X
    1.16850.000.00%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,294.60-8.90-0.68%
    GCM14.CMX
    19.65+0.02+0.08%
    SIK14.CMX
    90.18-0.65-0.72%
    ^XAU
    3.04+0.02+0.51%
    HGK14.CMX
    104.59+0.83+0.80%
    CLK14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.73+0.08
    ^FVX
    2.72+0.08
    ^TNX
    3.52+0.06
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.115-0.002-1.71%
    B22.SI
    0.48+0.020+4.35%
    5GJ.SI
    2.27+0.090+4.13%
    5ME.SI
    2.190.0000.00%
    JS8.SI
    0.61+0.005+0.83%
    E5H.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.162+0.034+26.56%
    5GF.SI
    0.20+0.034+20.48%
    5WD.SI
    0.59+0.050+9.26%
    L5I.SI
    0.28+0.020+7.69%
    C33.SI
    0.215+0.015+7.50%
    5UE.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.103-0.010-8.85%
    5OS.SI
    0.112-0.008-6.67%
    5RC.SI
    0.355-0.025-6.58%
    KJ9.SI
    0.215-0.015-6.52%
    F9M.SI
    0.29-0.020-6.45%
    5PC.SI