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The Dow Jones Industrial Average lost nearly 250 points in the first hour of trading on Wednesday morning, the day after President Barack Obama won re-election to a second term in office. News of poor economic forecasts in Europe also drove the steep decline; the European Union is now predicting that it will slide into recession. European markets had actually greeted the Obama win with a brief rise, before economic reality set in.
European markets had actually greeted the Obama win with a brief rise, before economic reality set in. Growth is too slow in the U.S.--an anemic 2% at best, driven largely by third-quarter defense acquisitions--to take up the slack in the global economy. With the U.S. headed toward a fiscal cliff, and the balance of power in Washington essentially unchanged, with the president promising more tax hikes, markets see little reason for optimism.
Originally posted by MRuss
reply to post by Zarniwoop
Down 332 at the moment.
It's not the numbers, friend. It's the implication.