The election's over, but there's a lot of work to do. Here's what some Americans on their way to work in the Wall Street area want from President Obama in his second term.
(USA Today) And Wall St. got off to a very down and rocky day. On Wednesday, stocks were trading sharply lower, one day after the re-election of President Obama. In afternoon trading, the Dow Jones industrial average was down about 275 points, or 2.1%.
Investor reaction is decidedly negative over the defeat of the more business-friendly Mitt Romney and the continued gridlock in Congress that makes it tough for lawmakers to avert a fiscal policy crisis by year-end.
The benchmark Dow remains below the psychologically significant 13,000, not seen since Aug. 3. The Standard & Poor's 500 index and Nasdaq composite index were also down 2.1% or more in afternoon trading, with stocks in nearly every industry lower.
Wall Street pros said negative sentiment was amplified Wednesday after European Central Bank President Mario Draghi expressed concerns ahead of the U.S. market open about the outlook for Europe's economies, especially Germany.
Others said much of the sell-off is coming from computerized trading programs, which trigger huge sell-offs of stocks when certain price levels are hit versus investors who are making decisions in the moment based on changes about what they think of the outlook for stocks.
USA Today/Gannett News Service