And, believe it or not, it has nothing to do with Obama's reelection. There's been bad news about the European economy, with the growth reduced from 1% to .10%. That's just in from market news on NPR. Combine it with the fiscal uncertainties in Washington (thanks, Republicans, for that "cliff"), and we have a dip in the markets.
Stocks were sharply lower in afternoon trading in New York, with both the Standard & Poor’s 500-stock index and the Dow Jones industrial average down 2.3 percent, as European shares sank and Asian stocks were mixed. While many executives on Wall Street and in other industries favored Mitt Romney, many had already factored in the likelihood of Mr. Obama winning a second term.
Still, continued divided government in Washington and little prospect for compromise unnerved traders.
“The bottom line is that this looks like a status quo election,” said Dean Maki, chief United States economist at Barclays. “The problem with that is that it doesn’t resolve some of the main sources of uncertainty that are hanging over the economy.” ...NYT