Khamis, 6 November 2008

US stocks: Market ends down despite Obama win

Obama Menang, Dow Jones Jatuh Mendadak...

8:15AM Thursday Nov 06, 2008

A Case of post-election nerves sent US stocks lower this morning as

investors began questioning what impact a Barack Obama presidency will
have on business and the overall economy.

The Dow Jones industrials fell more than 300 points and the major indexes all fell more than 3 per cent.

fell initially as investors cashed in gains after a six-day run that
lifted the Standard & Poor's 500 index more than 18 per cent. The
selling picked up momentum as the market began to ponder what an Obama
administration might do.

Obama will inherit an enormous budget
deficit when he is sworn in Jan. 20. Analysts said they the market is
already growing anxious about who Obama selects as the next Treasury
Secretary, as well as who he picks for other Cabinet positions.

lot of the policy going forward is going to have an effect on the
various sectors of the market," said Joe Keetle, senior wealth manager
for Dawson Wealth Management.

Analysts said the market was also
growing uneasy in advance of the Labor Department's October employment
report, to be issued on Friday.

Economists on average expect a 200,000 drop in payrolls, according
to Thomson/IFR. Employers have been slashing jobs after a freeze-up in
the credit markets crippled many companies' ability to get financing.

S&P 500 index fell 33.49, or 3.33 per cent, to 972.26. Through the
six sessions that ended Tuesday, the index, the one most closely
watched by market professionals, rose 18.3 per cent.

The Nasdaq
composite index fell 63.54, or 3.57 per cent, to 1,716.58, while the
Russell 2000 index of smaller companies fell 18.56, or 3.40 per cent,
to 527.41.

- AP

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