Obama Re-election Prompts Largest Stock Market Drop in a Year
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Stock markets responded to Obama’s re-election by plunging today. The Dow tumbled below 13,000 as the S&P broke 1,400, beating this year’s drop on June 1. All S&P sectors are now mired in the red with financials and energy leading the charge. “The last time the market plunged as much: literally one year ago, or November 9, 2011. Sadly, it appears that one can’t have their Dow Jones Industrial Average and redistribute it too,” notes Zero Hedge.
Wall Street had placed its bet on Romney and the Republicans because they promised to retain tax cuts and impose spending cuts. Republicans, of course, are not really interested in spending cuts, as Romney’s astronomical proposed increase in defense spending revealed.