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Dow Gains 101 Pts as Wall Street Welcomes Bush Victory
Wednesday, November 03, 2004
NEW YORK � Stocks posted solid gains Wednesday, helped by health and defense companies that are expected to benefit from the re-election of President Bush, but higher oil prices kept those advances under pressure.
The Dow Jones industrial average ended up 101.32 points, or 1.01 percent, at 10,137.05. The Standard & Poor's 500 Index finished up 12.64 points, or 1.12 percent, at 1,143.20. The technology-laced Nasdaq Composite Index rose 19.54 points, or 0.98 percent, to 2,004.33.
The Nasdaq is now 0.05 percent higher for the year, while the S&P 500 is up 2.8 percent, although the Dow is down 3.03 percent. The S&P and Nasdaq both closed at their highest level in just over four months.
Democratic challenger Sen. John Kerry conceded in an extraordinarily close presidential election, buoying Wall Street with the certainty that there would not be a repeat of the 2000 election fiasco.
With Bush seen as more pro-business than Kerry, Wall Street welcomed the prospect of the Republican administration remaining in place for four more years.
"Bush wants to keep taxes down ... and Republicans believe that this is very bullish for corporate profits, and believe it's better for growth of the economy and for jobs," said Robert Robbins, president of Robbins Capital Management.
www.foxnews.com...
Bush Victory a Boon to Drug, Banking, Defense Sectors
Wednesday, November 03, 2004
NEW YORK � President Bush's election victory is shaping up as a potential bonanza for Wall Street, where firms are salivating about the possibility he will follow through on his pledge to allow private investment of Social Security funds.
A second term for the Republican president also makes it likely drug makers can head off government-mandated price controls for now. The defense industry also looks like a winner, more regulatory victories may be in store for the Baby Bells, and look for a new push for oil drilling in the Alaska wilderness.
While the privatization of Social Security has taken a back seat in this current election, experts predict the president will work with congressional Republicans, who boosted their majority in both houses, on what would be the most dramatic changes in the government retirement program's 69-year history. In addition, the president has gone on record as supporting an increase in medical savings accounts for individuals
www.foxnews.com...
Crude Climbs as Bush Victory Offsets Rising U.S. Inventories
Wednesday, November 03, 2004
LONDON � Oil prices rose on Wednesday as the re-election of President Bush offset a big increase in U.S. crude inventories ahead of winter.
Light crude for December delivery traded as low as $48.65 per barrel before reversing course and rising 98 cents to $50.60 per barrel in afternoon trade on the New York
Mercantile Exchange.
Prices initially tumbled after the U.S. government's Energy Information Administration reported that crude oil stocks rose 6.3 million barrels to 289.7 million last week.
Crude stocks have risen more than 10 million barrels in the last two weeks as they recover from the impact of Hurricane Ivan which tore into the oil-producing U.S. Gulf of Mexico in September.
Global supplies have also been boosted by the highest production from the OPEC oil cartel in 25 years and by improved supplies from Iraq over the last two months.
www.foxnews.com...
Originally posted by Samhain
The stock market is happy to see a quick clean victory.i dont think it would have mattered who won,just how they won.
Originally posted by Samhain
The stock market is happy to see a quick clean victory.i dont think it would have mattered who won,just how they won.
Originally posted by Valhall
after Kerry's concession, the "sigh of relief" could
almost be tasted in the market reaction.