Skip to comments.Election worries hit health, telecom stocks
Posted on 11/09/2006 2:25:54 PM PST by frogjerk
The Dow and S&P are hit by worries that a Democratic Congress means more regulation and lower profits. Cisco jumps on big profits and a bullish outlook. Crude oil and natural gas prices jump. Disney earnings soar.
Election results weighed on the stock market today, with declines among sectors that could be hit by changes in government policy.
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Kiss your 401k profits good bye. Invest in bonds?
URS was down 5.54pc.
Baloney. If there were worries about a Democratic Congress, we would have seen them yesterday.
If there's a political side to today's stock market results, I'd say it is far more likely to be the President's "new tone" nonsense with Pelosi. In other words, the market would be reacting to a scenario involving a Democratic Congress AND a "Democratic" president.
Just yesterday Money/Cnn was going on and on about how stocks reacted positively to the election news. The DOW only went up less than 20 points yesterday, but it was all because the Democrats won. Where's all their coverage about how market reacted negatively to the Dems winning the Senate now?
oil and gas prices going up...if you don't let them drill anywhere and windfall profit tax them away...guess what...econ 101...no supply but big demand....
also interest rates going up...new high minimum wage....which makes union and govt contracts more expensive...voila...higher costs....inflation..higher interest...
I'm looking at increasing my positions in refinery stocks. Their profits will not be encumbered like the drillers and integrated oils. They were up nicely today.
Gold is also doing well...it's rested and ready, wobbling a little like some "volatility" may be on the horizon...
Bummer. Hope my inheritance which is in probate (mostly AT&T and related stocks) doesn't tank before I can get it and sell it.
Well, late news stories that broke yesterday told of rat plans to investigate business, mandate discount prescription drugs, raise the minimum wage and in general centralize the economy.
We're seeing the reaction today.
Maybe, but I can't imagine that kind of nonsense is coming as a surprise to the market!
Probably not a surprise, but it makes them nervous just the same.