Wall St. greets Obama win with 2.4% plunge

US stocks plunged 2.4 percent Wednesday after President Barack Obama's re-election victory set up a tough battle with Republicans over the looming "fiscal cliff".

The end of a long, hard-fought battle with Republican Mitt Romney was rewarded with a steep sell-off, despite Wall Street having recovered strongly from the recession crash since Obama took office.

Romney had been favored by markets for his less-tax, less-regulation stance, but analysts said traders were worried that the still-divided Congress could again deadlock on fiscal reforms, allowing the harsh "fiscal cliff" package of spending cuts and tax hikes to take effect on January 1.

"By returning a divided government to Washington, the electorate has given neither party a clear mandate to address the lackluster recovery, the fiscal cliff, and the looming debt crisis," said Brian Kessler at Moody's Analytics.

"Sadly, it doesn't look as though much has changed, and reaching an agreement on the fiscal cliff may sound easier but it is not," said Hugh Johnson of Hugh Johnson Advisors.

After opening sharply lower, losses on the stock indices accelerated in a tsunami of red ink.

The Dow Jones Industrial Average dived 312.95 points (2.36 percent) to finish at 12,932.73, closing below 13,000 for the first time in three months.

The tech-rich Nasdaq Composite shed 74.64 (2.48 percent) at 2,937.28.

The S&P 500-stock index, a broad measure of the markets, skidded 33.86 (2.37 percent) to 1,394.53.

Obama won a resounding victory over Republican challenger Mitt Romney for another four-year term in a closely fought race late Tuesday.

But voters left Congress divided, with Democrats maintaining control of the Senate and Republicans holding the House of Representatives with less than two months before the automatic fiscal cliff is reached.

Market sentiment was also pressured after the European Union slashed its eurozone economic forecast and European Central Bank chief Mario Draghi warned that the eurozone's woes were beginning to hurt Germany, the bloc's powerhouse.

"The market is not just nervous because of the election, it is also very nervous because of Greece," said Michael Gayed of Pension Partners.

The broad market sell-off was led by telecommunications, financial and commodities stocks. On the blue-chip Dow, Bank of America dived 7.1 percent, JPMorgan Chase shed 5.6 percent and AT&T lost 3.3 percent.

The rest of the 30-stock Dow also ended in the red, including Alcoa, off nearly three percent, Caterpillar (-3.5 percent), Intel (-3.8 percent) and United Technologies (-2.9 percent).

Oil heavyweights slid as crude prices fell sharply: Chevron shed 2.6 percent and ExxonMobil was down 3.1 percent.

Coal producers, which were hoping for industry support if Romney won the vote, were hammered: Alpha Natural Resources plunged 12.2 percent and Arch Coal lost 12.5 percent.

Defense contractors also were punished: Lockheed Martin fell 3.9 percent and Raytheon fell 3.3 percent.

Media giant Time Warner was a rare gainer, adding 4.2 percent after posting quarterly earnings that beat forecasts.

Pfizer dropped 1.3 percent despite getting FDA approval for its rheumatoid arthritis drug Xeljanz.

On the Nasdaq, heavyweight Apple dropped 3.8 percent and Facebook lost 3.3 percent.

Bond prices jumped as investors fled equities. The 10-year US Treasury yield fell to 1.63 percent from 1.74 percent late Tuesday, and the 30-year tumbled to 2.82 percent from 2.92 percent. Prices and yields move inversely.

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
  • US stocks edge lower as data points to solid jobs report AFP - 10 minutes ago

    US stocks edged lower in cautious early trade Wednesday as ADP private sector hiring data pointed to a solid July employment report this week. Oil shares dropped as crude prices continued their 10-day ... … More »

  • Nokia's patent chief departs in wake of Samsung pacts
    Nokia's patent chief departs in wake of Samsung pacts Reuters - 12 minutes ago

    HELSINKI/FRANKFURT (Reuters) - The head of Nokia's small, but highly profitable patent licensing division is leaving after two years in the role, the Finnish company said on Wednesday, weeks after he sealed a pace-setting patent deal with Samsung … More »

  • U.S. Treasury says EU apple ruling not good for European economy Reuters - 15 minutes ago

    WASHINGTON (Reuters) - The European Commission's order that Apple pay back taxes to Ireland could hurt Europe's economic outlook, U.S. Treasury Secretary Jack Lew said on Wednesday. Lew said the EU's action ... … More »

  • Markets cautious ahead of US jobs data
    Markets cautious ahead of US jobs data AFP News - 17 minutes ago

    Markets believe a good jobs report may be key in convincing the Federal Reserve that the US economy is ready to handle another hike in interest rates, possibly as soon as in September. In afternoon trading, London's benchmark FTSE 100 index was 0.1 … More »

  • Chinese giant to buy Pakistani power company for $1.6 bn
    Chinese giant to buy Pakistani power company for $1.6 bn AFP News - 18 minutes ago

    Chinese multinational Shanghai Electric is set to buy the utility serving Pakistan's biggest city of Karachi, in a $1.6 billion deal that will be the biggest private-sector acquisition in the country's history. China is stepping up investment in … More »

  • Voltaggio closing 5 Family Meal restaurants in 2 states Associated Press - 35 minutes ago

    Celebrity chef Bryan Voltaggio says he's closing four of five Family Meal restaurants in Maryland and Virginia. Voltaggio told The Frederick News-Post Tuesday that the Hagerstown location will close this ... … More »

  • Markets Right Now: Stocks edge lower in early trading Associated Press - 39 minutes ago

    The latest on developments in global financial markets (all times local): 9:35 a.m. Stocks are opening slightly lower on Wall Street as a thin batch of earnings gave investors little to get excited about. ... … More »

  • Wall St opens lower as oil prices drop
    Wall St opens lower as oil prices drop Reuters - 42 minutes ago

    REUTERS - U.S. stocks opened slightly lower on Wednesday as oil prices dropped more than 1 percent on the back of a stronger dollar. The Dow Jones Industrial Average was down 30.62 points, or 0.17 percent, ... … More »

  • ECB at risk of being overburdened - Villeroy Reuters - 47 minutes ago

    The European Central Bank must not be overburdened and others, particularly governments, need to start playing their part to make growth sustainable, French central bank chief Francois Villeroy de Galhau said on Wednesday. Villeroy, who sits on the … More »

  • Dollar Gains as Treasuries Extend Drop in August on Fed Outlook Bloomberg - 51 minutes ago

    The Bloomberg Dollar Spot Index is poised for its first monthly gain since May as prospects for higher U.S. borrowing costs diverge with policy in Europe and Japan, where central banks stand ready to boost stimulus. While ADP Research Institute … More »

  • Contact centre company Genesys to buy Interactive Intelligence Reuters - 1 hour 0 minutes ago

    Shares of Interactive Intelligence were up 5.25 percent in thin premarket trading on Wednesday. Interactive Intelligence provides software that helps call centre operators analyse data and improve customer service calls and counts Coca-Cola Co, … More »

  • U.S. to urge G20 to boost economies, heed citizen anger
    U.S. to urge G20 to boost economies, heed citizen anger Reuters - 1 hour 1 minute ago

    U.S. President Barack Obama will urge leaders of the world's major economies to use fiscal policy and other tools to boost growth while paying more attention to angry citizens who feel left behind, Treasury Secretary Jack Lew said on Wednesday. The … More »

  • German Fin Min spokesman declines to comment on bank mergers Reuters - 1 hour 18 minutes ago

    BERLIN (Reuters) - A spokesman for Germany's Finance Ministry declined to comment on the topic of banking mergers on Wednesday after the head of Deutsche Bank called for cross-border bank mergers in Europe. ... … More »

  • UK accounting watchdog closes probe into former Tesco CFO Reuters - 2 hours 16 minutes ago

    Britain's accounting watchdog has closed an investigation into Laurie McIlwee, former chief financial officer of supermarket giant Tesco which hit a book-keeping crisis in 2014.. "The executive counsel to the FRC has concluded that there is no … More »

  • Crowdfunding site launches in Singapore and Hong Kong AFP - 2 hours 17 minutes ago

    Crowdfunding site Kickstarter made its Asia debut Wednesday with launches in Singapore and Hong Kong, giving entrepreneurs in the two cities the opportunity to raise funding from global investors. By late ... … More »

  • Deutsche Bank chief urges European banks to merge
    Deutsche Bank chief urges European banks to merge Reuters - 2 hours 17 minutes ago

    John Cryan's remarks will likely spur further discussion about the future of the bank, although he was quick to throw cold water on a report that Deutsche had examined a merger with Commerzbank, partly owned by the German state. Asked if he sees … More »

  • Oil prices dip before US inventories data AFP - 2 hours 30 minutes ago

    Oil fell further Wednesday as dealers awaited the latest update on crude reserves in the United States. At around 1145 GMT, US benchmark West Texas Intermediate for delivery in October declined 36 cents ... … More »

  • Oil slips on dollar strength, still set for monthly gain
    Oil slips on dollar strength, still set for monthly gain Reuters - 2 hours 36 minutes ago

    Brent crude futures were trading at $47.94 per barrel at 1126 GMT, down 43 cents from the previous close, while U.S. West Texas Intermediate (WTI) crude futures were down 33 cents at $46.02. "The market is getting tired of those headlines," Olivier … More »

  • Iran urges Turkey to quickly end Syria intervention
    Iran urges Turkey to quickly end Syria intervention AFP News - 2 hours 43 minutes ago

    Key Damascus supporter Tehran urged Ankara on Wednesday to quickly wrap up its week-old military intervention in Syria, saying it was an "unacceptable" violation of Syrian sovereignty. Turkey's cross-border offensive, which it says is aimed against … More »

  • Germany's robust labour market brushes off Brexit fears Reuters - 2 hours 45 minutes ago

    German jobless numbers fell more than expected in August, posting their 12th consecutive monthly fall and reaffirming the strength of a labour market that has fuelled private consumption and turned it into a main pillar of growth. The drop allays … More »

  • European funds cut UK equity, opt for emerging markets - poll
    European funds cut UK equity, opt for emerging markets - poll Reuters - 2 hours 51 minutes ago

    European fund managers have trimmed their holdings of UK stocks to the lowest in nearly two years but raised exposure to emerging market bonds and equities in their search for higher yields, the latest Reuters asset allocation poll shows. The … More »

  • Riot police patrol Zimbabwe cities as protests planned
    Riot police patrol Zimbabwe cities as protests planned AFP News - 2 hours 58 minutes ago

    Riot police patrolled Zimbabwe's capital Harare and other cities Wednesday after authorities vowed to prevent further protests against President Robert Mugabe's government. Organisers of recent demonstrations had planned a "shutdown" protest day, … More »

  • China will set up seven more free trade zones - Xinhua Reuters - 2 hours 59 minutes ago

    BEIJING (Reuters) - China will set up seven new free trade zones, bringing the total to 11, Xinhua reported on Wednesday. The new zones will be in Liaoning, Zhejiang, Henan, Hubei, Sichuan, Shaanxi and ... … More »

  • Africa's biggest economy officially enters recession Associated Press - 2 hours 59 minutes ago

    Africa's biggest economy is officially in recession. Nigeria released data on Wednesday showing its gross domestic product declined by 2.06 percent in the second quarter of the year. The oil- and import-dependent ... … More »

  • Exclusive: SWIFT discloses more cyber thefts, pressures banks on security
    Exclusive: SWIFT discloses more cyber thefts, pressures banks on security Reuters - 2 hours 59 minutes ago

    In a private letter to clients, SWIFT said that new cyber-theft attempts - some of them successful - have surfaced since June, when it last updated customers on a string of attacks discovered after the attack on the Bangladesh central bank. The … More »

 
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 MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.119-0.004-3.25%
    N21.SI
    0.36+0.01+1.41%
    E5H.SI
    0.9950.0000.00%
    Y92.SI
    4.02-0.08-1.95%
    Z74.SI
    0.22-0.02-6.38%
    5ME.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.285+0.035+14.00%
    5SY.SI
    0.60+0.07+13.21%
    BKB.SI
    0.23+0.03+12.20%
    I06.SI
    0.50+0.05+11.11%
    BFK.SI
    0.67+0.05+8.06%
    5CP.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.305-0.060-16.44%
    BQO.SI
    0.105-0.020-16.00%
    578.SI
    0.181-0.019-9.50%
    P36.SI
    0.21-0.02-6.67%
    1A4.SI
    0.22-0.02-6.38%
    5ME.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3630-0.0008-0.06%
    USDSGD=X
    1.5183-0.0013-0.09%
    EURSGD=X
    1.7874+0.004+0.22%
    GBPSGD=X
    75.8240+0.366+0.49%
    SGDJPY=X
    5.6874+0.0026+0.05%
    SGDHKD=X
    2.9858+0.0146+0.49%
    SGDMYR=X
    9,732.4873-27.5273-0.28%
    SGDIDR=X
    4.8977+0.0008+0.02%
    SGDCNY=X
    1.0238-0.0006-0.06%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,312.70-3.80-0.29%
    GCZ16.CMX
    18.67+0.09+0.50%
    SIU16.CMX
    91.06-0.78-0.85%
    ^XAU
    2.08+0.01+0.34%
    HGU16.CMX
    45.94-0.41-0.88%
    CLV16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.16-0.02
    ^FVX
    1.56-0.01
    ^TNX
    2.230.00
    ^TYX