No Obama cheer on Wall Street
The Barack Obama victory drums faded with the Wall Street shares plummeting just the day after the elections result. The Dow Jones Industrial Average fell 496.3 points, or 5.2 per cent, to end the day at 9,129
The fall wiped out the gains from the election day surge on Tuesday (November 4), when the Dow Jones closed up 3.3 per cent. With the figures, was a report showing that the US services sector had contracted sharply in October.
The Institute for Supply Management’s service sector index fell to 44.4 in October from 50.2 in September, which is its worst reading since 1982.
There was also a report from ADP Employer Services showing that private employers made their biggest job cuts for six years, last month, which made traders nervous ahead of Friday’s monthly unemployment figures. The fallers were led by financial institutions, with Citigroup and AIG both down 14 per cent and Bank of America falling 10 per cent. The recent volatility has been partly blamed on the light volumes of trading, which have exaggerated the movements in share prices.
In his victory over John McCain in the U.S. presidential election Tuesday, Barack Obama snared about 65 million votes to McCain's 57 million.
According to exit polls, Obama crushed McCain among women voters (56 percent to 43 percent); voters under 30 (66 percent to 32 percent); African-American voters (95 percent to 4 percent); Latino voters (66 percent to 32 percent); first-time voters (68 percent to 31 percent); and voters making less than $100,000 a year (55 percent to 43 percent).
"I think this is the passing of an old order," CNN senior political analyst David Gergen said as the results rolled in Tuesday night and the outcome became increasingly evident.
"I think what we see ... is a new coalition, a new order emerging. It isn't quite there, but with Barack Obama, for the first time, it's won. It is the Latino vote, it is the bigger black vote that came out. Very importantly, it's the youth vote, the 18- to 29-year-old," said the Harvard University professor and former presidential adviser.
In his victory over John McCain in the U.S. presidential election Tuesday, Barack Obama snared about 65 million votes to McCain's 57 million.
According to exit polls, Obama crushed McCain among women voters (56 percent to 43 percent); voters under 30 (66 percent to 32 percent); African-American voters (95 percent to 4 percent); Latino voters (66 percent to 32 percent); first-time voters (68 percent to 31 percent); and voters making less than $100,000 a year (55 percent to 43 percent).
"I think this is the passing of an old order," CNN senior political analyst David Gergen said as the results rolled in Tuesday night and the outcome became increasingly evident.
"I think what we see ... is a new coalition, a new order emerging. It isn't quite there, but with Barack Obama, for the first time, it's won. It is the Latino vote, it is the bigger black vote that came out. Very importantly, it's the youth vote, the 18- to 29-year-old," said the Harvard University professor and former presidential adviser.
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