Markets

Nov 8, 2012

Morning Market Report

European markets and oil also down heavily on the re-election of president Obama, with the focus in Washington, and on Wall Street now on the upcoming "fiscal cliff", with $US600 billion of spending cuts and tax increases that could force the US economy into a fresh recession.

The market is down 39. SFE Futures were down 39 this morning.

Dow Jones down 313. The Dow was down 369 at worst and in the red for the entire session, the three benchmark indexes all down at least 1.8%. European markets and oil also down heavily on the re-election of president Obama, with the focus in Washington, and on Wall Street now on the upcoming fiscal cliff, with $US600 billion of spending cuts and tax increases that could force the US economy into a fresh recession. “The president reiterated his commitment to finding bipartisan solutions to: reduce our deficit in a balanced way, cut taxes for middle-class families and small businesses and create jobs,” a White House spokesperson said. The industries that would have benefited most from policies proposed by Romney were hit the hardest with energy, healthcare and banking stocks all down. Gold up and US bond yields down.

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