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Market Recap: Stocks Smashed for Second Day in a Row

Nov. 8, 2012 6:01pm Becket Adams

Markets closed down today:

▼ Dow: -0.94 percent
▼ Nasdaq: -1.42 percent
▼ S&P: -1.22 percent

Precious metals:

▲ Gold: +0.90 percent to $1,729.72 an ounce
▲ Silver: +1.78 percent to settle at $32.24

Commodities:

▲ Oil: +0.29 percent

Markets were down because:

Stocks slid on Wall Street Thursday, a day after the Dow Jones industrial average logged its biggest one-day drop of the year, as investors fretted about the potential for gridlock in Washington.

The Dow closed down 121.41 points to 12,811.32, bringing its two-day loss to 434 points. The Standard and Poor’s 500 index fell 17.02 points to 1,377.51 and the Nasdaq composite slipped 41.71 to 2,895.58.

The Dow plunged 313 points Wednesday, its fifth worst one-day drop following a U.S. presidential election. The biggest, in 2008, came in the midst of the financial crisis on the day after President Barack Obama won his first term.

The two-day slump came in the wake of Obama’s re-election to a second term as investors turned their focus back to Europe’s problems and the so-called fiscal cliff, a package of tax increases and government spending cuts in the U.S. that will occur unless Congress acts by Jan. 1.

Investors see it as a serious threat to the economic recovery.

Stocks are still up on the year, but well below the peak they reached in September. That was when the Federal Reserve announced a third round of its bond-buying program, which is intended to hold down borrowing costs and encourage lending.

The S&P 500 is 6 percent below its high close of the year, 1,465, which it reached on Sept. 14. That was its highest level in nearly five years. It’s still up 10 percent for the year.

Investors were encouraged by two reports on the U.S. economy that came out before the market opened. The Dow climbed as much as 48 points in the morning but started to sink after the first hour of trading.

The Dow fell steadily throughout the rest of the day, and more steeply in the last hour of trading. The Dow gave up 73 points in the last 40 minutes, accounting for more than half the day’s loss.

The Labor Department reported that the number of people seeking unemployment benefits fell 8,000 last week to 355,000, a possible sign that the job market is healing. Officials cautioned that the figures were distorted by Superstorm Sandy.

A separate report showed that the U.S. trade deficit narrowed to its lowest level in almost two years as exports rose to a record high.

The Associated Press contributed to this report.

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Comments (44)

Spitfire1938
Posted on November 9, 2012 at 8:13am
If you live in in one of our “Multi-Cultural” Cities or are not living surrounded by like minded people… get out now! Get ride of everything; possessions will get you killed! Save what you can and get out!

Ann Barnhardt’s observations are spot on! Do not dismiss her because she is a militant Catholic. She shut her commodity trading business to protect her clients from suddenly lawless Bankers. http://barnhardt.biz/index.cfm

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hslusher
Posted on November 9, 2012 at 12:56am
We will find out who is right. You do realize they are not hoping for it to collapse they just dont see any other future.

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- NeilChapin
  Posted on November 9, 2012 at 6:17am
  The market has to accept reality and that’s why it’s falling. I’m glad I’m short. Read fresh political comentary at: http://smallcraftadvisorychronicles.blogspot.com/
  
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DontCry
Posted on November 8, 2012 at 9:09pm
Maybe you should take the lost 400 million dollars that Karl Rove wasted and put it towards investing back into the market. Maybe that would help.

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- Dire-Thinker
  Posted on November 8, 2012 at 10:29pm
  Liberal “fairness” in housing policy crashes the whole damn system and it’s Bush’s fault. Brilliant thinking there brother. Go tell it on Huff Post. I’m sure they will appreciate your sheer genius.
  When BHO crashes what’s left who’s fault will that be? Surely not his right?
  Better go ahead and start looking for a new scapegoat Bush is wearing pretty thin.
  
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DontCry
Posted on November 8, 2012 at 9:05pm
I have never seen more people hoping and praying for failure in my life. The GOP really has lost their minds. Get real people. The market is way better off now then when Obama took office. That is a fact.

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- propel7
  Posted on November 8, 2012 at 11:46pm
  We ALL hope that SATAN will fail! Anyone who stomps on the CONSTITUTION, the time tested TRUE VOICE of the People that was actually paid for with blood. With the BLOOD of those who wanted to be free. It is an affront beyond reason when some popular Hollywood/media-promoted trash bag thinks he is above all that blood. What a degenerate. Exactly what HITLER did. Stalin, Mao. Every murdering piece of crap that ever stunk up this earth. Obama STINKS even more than all these because BLOOD never paid for those FREEDOMS which were taken from those innocent people. BLOOD bought what O-Buttwipe thinks he is above and can change. Obama can eat ****!
  
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DontCry
Posted on November 8, 2012 at 9:00pm
Clearly, the stock market understands that the obstructionist GOP are dishonest and will not try to help the economy, but will instead try to block anything and everything for their own gain. Kind of like the blind followers here, that are hoping for failure just to claim some absurd victory of self. Please try to be American people, and hope for the best in this country, not hope for failure. Put your biased fear and hatred aside. Just try it for one year and see what happens. You may be surprised.

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- BarryHusseinOsama
  Posted on November 9, 2012 at 2:22pm
  What? REE-REE. Get real.
  
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DontCry
Posted on November 8, 2012 at 8:57pm
Yes, we should go back to the GOP policies, so the market could fall all the way back to below 8000 pts. Anyone that suggests this is Obama’s fault is either blind or ignorant. What this market drop is showing is that the Wall Street thieves realize the time is over for falsely inflating the market for their own gain. Instead of keeping the lies and waiting for the undeniable failure to collapse on them like they did during the Bush years.

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BehindBlueEyes
Posted on November 8, 2012 at 7:52pm
Sounds like the Soros/Obama plan for the fundamental transformation is right on schedule. Mr. Soros did say the only obstacle to the new world order was America. He also said that America would find its place in the new world order. I wonder what place he has in mind for us?

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- muffythetuffy
  Posted on November 8, 2012 at 8:20pm
  This is excellent news to the Communist Regime in the White House and Chicago White House Operations Center.
  
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- ArmedAndReallyPissed
  Posted on November 8, 2012 at 8:59pm
  Muffythetuffy………I think what your referring to is now called the House of Jihad. Before Nov. 6th it was called the White House. I’m just sayin……………….
  
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TruthPolice60
Posted on November 8, 2012 at 7:18pm
If Romney would have won, the effect on the stock market would have been the exact opposite. Buckle up. It’s going to be another tough economy for the next 4 years.

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- HumbleMan
  Posted on November 8, 2012 at 7:42pm
  I don’t think it’s a consolation, but the Democrats who voted for Barack will reap the rewards of fiscal doom. We will reap it with them, but I for one will not let them forget they’ve done this to themselves.
  
  I hope JROOK and ENCINOM get their pink-slips before me.
  
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- woebegone
  Posted on November 8, 2012 at 7:53pm
  Absolutely correct. When the USA is overwhelmed by parasites–the rest of the world cheers.Do we really need to wonder why? American real estate is valuable, American workers are valuable–particularly when their government abandons them and the unions become meaningless. I have one corner of hope though. The truth is that “conservatives”, and “republicans” actually have it all over the Dems/Libs/Progs in that there is a a premium placed on fiscal responsibility, the potential for meaningful individual excellence that actually pays off in terms of income and comfort, that freedom of expression, privacy, and failure are available options. And when the American worker realizes that they really aren’t more valuable than a Chinese worker, and so what justifies the extra cost of an American worker when options are available, then maybe the insanity of the Unions will finally give way to the economics of the planet. When the Unions finally recognize, that people like myself who are just trying to plan for our own retirement, don’t give a good God damn to give to theirs at the expense of mine–then maybe things will normalize. This is the real problem with America, this is why jobs leave, it isn’t because business hates Americans, its because unions and the American government endlessly lie to the American worker, and expect the rest of America to live up to the lie. I worked hard to develop myself and to improve my income potential–unions steal from me for nothing.
  
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- DontCry
  Posted on November 8, 2012 at 9:03pm
  Surely you remember what the market was at when the GOP was in office? Below 8000 pts. And how was it under Bill Clinton? Please. The time for your fear and lies and hoping that American fails is over. America now realizes that most of the hate filled GOP followers are the least patriotic of them all. Hoping and praying for failure of our President. How sad. I hope you are ashamed of yourself.
  
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eaglesview
Posted on November 8, 2012 at 7:14pm
Anybody really surprised ?.
Dear Jackasses that voted for this Traitor, and the 3mil Repubs who didn’t vote, don’t dare come knocking at my door when all hell breaks loose.
Hannity had it right, you get what you deserve.

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MonkeyBeagle
Posted on November 8, 2012 at 7:10pm
lol.. PEOPLE IN THE stock market are going all John Galt on Obama :)

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One Man Mormon Blues Band
Posted on November 8, 2012 at 6:53pm
OK. We’re doomed. Let’s just start a revolution and kill everyone. is that all we can say? I went to work Wed. morning figuring out what I needed to do to protect my family, and stay alive to continue to fight. Quite honestly there is very little here (this article or the comments) that is helpful.

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- rickc34
  Posted on November 8, 2012 at 7:05pm
  Don’t waste your money on crap for Christmas. Save it for things you will really need like food.
  
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- HumbleMan
  Posted on November 8, 2012 at 7:44pm
  @ONE …
  
  The only “content” is, it’s what we knew would happen. It won’t take long. Protect your family, brothers and sisters.
  
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- historyguy48
  Posted on November 8, 2012 at 8:37pm
  The plan is to retain control when the collapse begins. If they are able to do that then the transition to the One World Government will be relatively bloodless.
  There will be some disruptions but probably only minor ones that won’t last very long.
  However, this has never been done before so there is still a 42.5% possibility that complete control will not be maintained. There is over an 80% probability that the problem area will be the former United States.
  If that happens it is Dear Leader’s responsibility to regain control. If he does, he will get a seat at the table with the second tier big boys. If he doesn’t, he won’t get a seat at all.
  If control isn’t reestablished they will simply withdraw while the former United States starves and tears itself apart. This should only take six months, the plan is to withdraw for two years.
  Then control will be re-established and the survivors will survive. Best estimate, 10% of the pre-collapse population will survive.
  That is the plan, at least as it was developed twelve years ago. There have probably been changes since that I am unaware of because I am no longer in the loop.
  Store canned food, water filters, medicines, trade goods, guns, bullets and have friends.
  A good novel to read is Nathan Hales “Death of Civilization; the Apocalypse Begins” available as a book or e-book through Amazon. Read the preface, it is tomorrows headlines. What’s coming may be brutal and this book reflects that.
  
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jackact
Posted on November 8, 2012 at 6:47pm
You ain’t see nuttin’ yet………

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- rickc34
  Posted on November 8, 2012 at 6:59pm
  This is just the begining. Obama does not have the right stuff to turn the economy around and does not really want to. Obama lied and cheated to win..its his problem and those that supported him.
  
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woebegone
Posted on November 8, 2012 at 6:44pm
I’m sorry?Did you say stocks tanked again because “investors fretted about the potential for gridlock in Washington.”?”Gridlock” is what we’re worried about?Well maybe that’s part of it, and maybe Europe is part of it–but let’s face it what is really stultifying “investors” is the prospect (funny twist of language, huh?) of another 4 years of an Obama government and it’s hostility toward business based on anything but the “collective”.Further,it seems to me that ‘collective’ in Obama’s world includes all the people waiting around for someone else’s work to pay their bills as they sit around collecting disability for an anxiety attack they had 10 years ago when a supervisor p’d them off because his/her supervisor had the temerity to interrupt that phone call to their latest paramour and demanded they do their job for the umpteenth time, and he/she quit because after all the latest argument with the paramour of that moment is that he/she was too distracted by actually having to go to work and make some money and contribute to the world, rather than stay home and attend to the moment to moment insecurities and needs of the paramour who was already on disability because of AttentionDeficit Disorder as evidenced by the paramours own inability to function in a work place,even though evidence to the contrary was obvious,like being on the phone all the time with the previous paramour who was taking a mental health day that day and resented having not been taken to

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- woebegone
  Posted on November 8, 2012 at 7:11pm
  to 6 Flags. So Obama’s “collective” includes the most unredeemable of the entitled that have no idea that money comes from actual work, and can’t tolerate that their needs aren’t met instantly and don’t have any concept of this–ON A GENERATIONAL BASIS!!!. Where as the “Collective” among “socialist thinker’s” is comprised of people who contribute by actual WORK, and were clearly abandoned by the “overclass” of the time, according to Obama the “collective” is comprised of people he supposes were drawn under by “colonialism” and so his “collective” is not so much a working class abused; but a “collective” deserving of “reparations” based on those he believes were undermined by Colonialism. Never mind that successful colonies have raised the standard of living for the colonized as well as the colonists. Never mind that the most successful, richest poor people in the world, are people that consider themselves American victims. Never mind that being poor in America, allows you a level oif wealth un heard of in any other country. This is the disparity Obama just can’t get, smart though he may be, as smart as we are told he is he doesn’t get this. The poor are poor for a reason, the rich are rich for a reason, and if you only look to the US to understand this? then that exposes you as a very stupid person indeed. The rest of the world is not the victim of the West, and if you really believe that, then don’t you ever wonder why this may be the case?
  
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Rothbardian_in_the_Cleve
Posted on November 8, 2012 at 6:22pm
40 bucks on Silver and 2K on gold by St. Patty’s day.

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Snowleopard {gallery of cat folks}
Posted on November 8, 2012 at 6:18pm
Has anyone bothered to see what machinations or statements old Soros has released in the last couple of days? I am seeing an old pattern here that is all but screaming his SOP; expect a run on the dollar to commence at any time if he follows standard protocol.

It looks like we may be nearly at hand for Glenns ’15 days’ he spoke of a few years back while he was on Fox.

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deltaecho
Posted on November 8, 2012 at 6:18pm
Thanks, Imam Soetoro.

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barber2
Posted on November 8, 2012 at 6:12pm
The economy is not going to improve under Obama, nor does he care. He has made a life style of blaming others and, apparently, the losers who voted him don’t care either. Sad.

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- Jmeth
  Posted on November 8, 2012 at 6:20pm
  Its very sad
  
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Couyon64
Posted on November 8, 2012 at 6:10pm
Must be all the confidence out there in the economy and the a hole’s economic plan.

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Tri-ox
Posted on November 8, 2012 at 6:07pm
obama announces first post-election vacation trip – he’s is off to Thailand, Burma (Myanmar) and Cambodia …

http://www.fireandreamitchell.com/2012/11/08/obama-off-to-thailand-burma-myanmar-and-cambodia-later-this-month-still-no-israel/

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- 2MINUTESTOMIDNIGHT
  Posted on November 8, 2012 at 6:13pm
  Just heard that on the radio. What a pathetic POS.
  
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Psychosis
Posted on November 8, 2012 at 6:07pm
before the end of this new 4 yr term, there WILL be a push for government to control 401k……..sold to the public as ” we are just trying to help” but with its real goal of confiscating the funds …..just like the funds for social security that were in a ” lockbox”

enjoy what youve asked for dems …………cause i wont help any of you anymore ( and i donate my time and money frequently to those in need + sorry, i will need it to protect my own family )

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- DEFCON4
  Posted on November 8, 2012 at 6:19pm
  @psychosis- Good Point, time to worry about “one and one’s family”.
  
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- Rothbardian_in_the_Cleve
  Posted on November 8, 2012 at 6:25pm
  History shows us that is the case. X% will be required to go into a government interest bearing account.
  
  Again, the lemmings will be lining up to “do the right thing”. Nobody will bat an eye. At this point I’m not sure what you could do to the population that would inspire revolt. I’m not sure they are capable.
  
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flatbroke
Posted on November 8, 2012 at 6:06pm
its official, its Obamas fault!

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- socialism.rocks
  Posted on November 8, 2012 at 6:10pm
  its official that the plutocrats are doing it cause they are having a tizzy fit… well it will all be looked into
  
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- DEFCON4
  Posted on November 8, 2012 at 6:11pm
  A “Sign” of the “New Normal”….
  
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- barber2
  Posted on November 8, 2012 at 6:15pm
  Socialism is part of the anti-capitalst / OWS ” Let’s Have A Revolution ” Crowd …hope the cops are ready for them.
  
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- Git-R-Done
  Posted on November 8, 2012 at 6:26pm
  Socialismsucks – Excuse me that those of us who make money shouldn’t be forced to pay for bums like you in life.
  
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- unsafe
  Posted on November 8, 2012 at 6:47pm
  Buy guns and amo and seeds buy a lot of dry supplies its going to get really bad with the bottom feeders and all there wants. Bunker down be ready for anything .
  
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