MARKET ROUNDUP (Source Bloomberg)
Dow Tumbles Most in One Year After Presidential Elections; as investors’ focus turned to the budget debate and Europe’s debt crisis following President Barack Obama’s re-election. All 10 groups in the Standard & Poor’s 500 Index fell as financial shares had the biggest losses. Bank of America Corp. and JPMorgan Chase & Co. slumped at least 5.6 percent. Peabody Energy Corp. and Alpha Natural Resources Inc. slid more than 9.6 percent on bets Obama’s re-election will mean more regulation for the coal industry. Apple Inc. retreated 3.8 percent, extending a plunge from its September high to 21 percent. The S&P 500 fell 2.4 percent to 1,394.53 at 4 p.m. in New York. The Dow lost 312.95 points, or 2.4 percent, to 12,932.73. Volume for exchange-listed stocks in the U.S. was 7.9 billion shares, or 32 percent above the three-month average.
Europe Stocks Drop on Economy Concern, U.S. Fiscal Cliff; as the European Commission cut its growth forecast for the region and concern over an impending fiscal crisis in the U.S. increased after the re-election of President Barack Obama. France’s CAC 40 retreated 2 percent, while the U.K.’s FTSE 100 fell 1.6 percent. Germany’s DAX dropped 2 percent.
Oil Tumbles the Most This Year as Obama Wins Re-Election; after President Barack Obama won re-election and Greece prepared to vote on austerity measures. Futures slid 4.8 percent as Obama defeated Republican Mitt Romney. He now faces negotiations with Congress to avoid more than $600 billion in mandated tax gains and spending cuts. Greece’s parliament votes today on a package to unlock bailout funds. Oil extended losses after a government report showed that U.S. crude and fuel supplies rose last week. Crude oil for December delivery fell $4.27 to settle at $84.44 a barrel on the New York Mercantile Exchange. It was the biggest decline since Dec. 14. Prices have decreased 15 percent this year
Source:Jupiter Securities Research, 08 November 2012
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