Stocks down over 600 points and over 5 percent since Obama’s re-election after latest sell-off
Who’s up for a Ben Bernanke QE4? The stock market continues to take since Obama won re-election last week, and dropped nearly 200 points today. Since Obama’s ‘win’ last week, stocks are down over 600 points which is more than 5%.
According to preliminary calculations, the Dow Jones Industrial Average fell 185 points, or 1.5%, to 12571, the S&P 500 dropped 19 points, or 1.4%, to 1356 and the Nasdaq Composite slumped 37.1 points, or 1.3%, to 2847.
The markets made a fairly swift turnaround after the positive open. Every S&P 500 sector ended to the downside. Industrials, such as Boeing (BA), took a particularly heavy thrashing. Materials, like Potash (POT), and financials, such as Bank of America (BAC), tumbled as well.
The Nasdaq slid into correction territory, falling more than 10.7% from an intraday high of 3196 on September 21.