What an election it was! Congratulations Barack Obama; America believes you are the one who will fix this country and bring true positive change to Washington. But how was the market on election day?
According to the New York Times "reduced volatility and easing in the credit markets helped give stocks their strongest Election Day rally in 24 years." The S&P 500 closed above 1000, the first time since Oct.13 and the Nasdaq continued its positive gain for the sixth time in a row. "At the close, the Dow Jones industrial average was up 3.28 percent, or 305.45 points, to 9,625.28."
It seems the volatility of the market had calmed on election day. Globally, international markets had risen as well. The Tokyo Nikkei rose 2.8 percent, according to the New York Times, and "he Dow Jones Euro Stoxx 50 index, a barometer of euro zone blue chips, rose 5.56 percent, while the FTSE 100 index in London jumped 4.42 percent. The CAC 40 in Paris gained 4.62 percent, and the DAX in Frankfurt was up 5 percent."
So what do you think America? Are the gains from election day reflecting the hopeful Americans who believe in Barack Obama? Has the "bear market" taken a rest and are the next 4 years destined for positive change?
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4 comments:
Brown Man,
This maybe a time for change in the United States economy. The market does depend on consumer confidence and since the majority of America believes in Barack Obama, then his policies may create positive change in the market. Do you think the decline of the economy has finally ceased?
What do you think Barack Obama should do to help the economy, especially with the bailout package?
I think that Barack Obama has brought new and needed hope to this country! It is apparant that Americans believe he can bring about change, and I hope that in these next four years he does.
Dear Nicole,
With the economy, I believe Barack Obama should put a much more strict regulation on banks. With this regulation, the mortgage crisis would be avoided as the banks would not loan million dollar loans to just anybody.
Obama should use most of the bailout package on the mortgage crisis. The economic meltdown stemmed from the risky speculation and intimidation by large mortgage companies, and the overseen debts and constant bankruptcy from individuals accumulated in banks; thus hollowing out banks and lowering stock. This combined with stricter regulation will enhance the economy and prevent any further depreciation.
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