Wall Street Casts Its Vote: 'The Market Is Going Down'

November 7, 2012

With a wary eye on Europe's continuing debt drama, investors also reacted to warnings, first from Fitch, then Moody's that the rating agencies stand ready to cut the U.S. triple A credit rating if responsible fiscal actions are not taken. Standard and Poor's already took action on the rating in 2011.

"The market is going down. The market does not want another four years of Obama. It does not want these tax hikes on a fragile economy," said Peter Boockvar, Miller Tabak strategist. "We have an economy that's barely staying above recession. Europe's problems are deepening. Now we have the prospect of higher taxes."

Boockvar pointed out that the Treasury's auction of $24 billion in 10-year notes at 1 pm Wednesday was surprisingly weak. The yield was 1.675 percent, and the bid to cover, at 2.59, was below the 12-month average.

"I can only speculate. We know a dovish Fed will be with us for another four years, with all the money printing and dollar debasement it brings. It was a squishy auction," he said.

The stock market selloff, with the Dow down more than 2 percent, was the second worst post election sell off since the late 1940s. The worst was in 2008, when Obama was first elected and the financial crisis was in full swing. That day, the Dow declined 5 percent.

FINISH AT CNBC

 

 


blog comments powered by Disqus

WATCH: Obama snarls traffic on land and in the air upon arrival in Seattle

June 24, 2016  07:33 PM

"Thanks, Obama!"

The post WATCH: Obama snarls traffic on land and in the air upon arrival in Seattle appeared first on twitchy.com.

Really? You won't believe what Hillary calls an 'economic issue'

June 24, 2016  04:19 PM

Well then. Women's health is an economic issue: Every woman deserves access to affordable menstrual products. Bravo, New York. https://t.co/jTtiSGNtYh — Hillary Clinton (@HillaryClinton) June 23, 2016 Yeah. We get it Hillary, women use these products, but do we need a presidential candidate making an economic issue of them? @HillaryClinton Dear Lord. Tweet of an […]

The post Really? You won’t believe what Hillary calls an ‘economic issue’ appeared first on twitchy.com.

Team Clinton's defense against Trump on 'America first' is truly Hillaryous!

June 24, 2016  04:09 PM

"Is anyone buying this crap anymore?"

The post Team Clinton’s defense against Trump on ‘America first’ is truly Hillaryous! appeared first on twitchy.com.

Celebrities say the darnedest things about gun control

June 24, 2016  02:48 PM

This past week, Democrats “bravely” sat on their rumps in order to demand the GOP do away with big mean guns and due process. They also had pillows, ate catered meals and took lots of selfies – hey, they were roughing it, man. Luckily Celebrity Twitter was out in full force supporting these inspiring layabouts […]

The post Celebrities say the darnedest things about gun control appeared first on twitchy.com.

Need MORE proof of Hillary's historic transparency? Here you go!

June 24, 2016  01:44 PM

"And they all expect something in return."

The post Need MORE proof of Hillary’s historic transparency? Here you go! appeared first on twitchy.com.

FSM Archives

10 year FSM Anniversary

More in MUST READS ( 1 OF 25 ARTICLES )