CNBC's Maria Bartiromo on Thursday excitedly told viewers that an intra-day rally which had brought the Dow Jones Industrial Average from down about 275 to up over 170 was caused by rumors that the presidential race had tightened. I wonder if these rumors will get reported by Obama-loving press members. With about fifteen minutes to go in the trading session, the camera found a suddenly happy Bartiromo on the floor of the New York Stock Exchange gleefully saying the following (file photo): Story Continues Below Ad ↓ Welcome back, down here on the floor with Dylan. Just walking around, hearing some rumors about one of the reasons that this market bounced off the bottom is there are rumors in the market, speculation that the race for the White House is getting tighter. And one trader telling us just moments ago that he thought the reason that the market was so low was when Obama had the lead because he's gonna raise taxes. And then when things got tighter, things bounced off the bottom. At some point you have to believe this market starts trading on the White House. [...] Don't underestimate tax increases on capital gains. Capital gains at fifteen percent going to 28 percent, this market's gonna trade down if we see that. Wouldn't it be nice if other networks and press outlets actually had intelligent business reporters like Bartiromo willing to share what's happening each day on Wall Street? After all, there have been many market watchers in the past five weeks claiming that part of the recent stock declines are the result of fear that Obama is going to win and that his tax policies will be very bad for business and therefore stock prices. Whether folks are concerned about such things or not, isn't it media's job to report it? Or is that too much like journalism? âNoel Sheppard is the Associate Editor of NewsBusters.
Markets tanks, in part, because Hussein is leading in the polls. Then rebounds on rumors the race is tightening. Sounds plausible to me.
--Because the market started tanking way before Obama's candidacy was deemed serious. --Because I follow the daily tracking polls like a mad dog, There is no tightening. Florida is breaking decidely in Obama's camp. Even I have a hard time believe it, for now, it's simply too good to be true, let's see what happens next week. McCain needs PA, if he win there ,he can let NH, Iowa and Colorado go to Obama. The thing is, Jewish retirees in Florida have seen their 401k decimated, foreclosures there have reached catastrophic proportions. ...State will probably flip. McCain needs PA if he wants to keep his hopes alive
Certainly a major factor in the meltdown has been global geo-political. And no the shift in the U.S. from laissez faire Euro-white conservative to Populist Chavez lite does little to assuage investors.
I don't have confidence in equity markets since almost two years now. I'm only trading currencies (even those have some wild swings) and commodities, and rarely keep a position for longer than a week. Is there anything more disrupting to the markets than middle of the night rate cuts and injections of capital...... Capital gain increase, I can price it (I hate it, but I can price it) Weirdo political interventions ? can't. The Capital tax gains portion of Obama's plan is a negative effect but measurable....certainly didn't become new this afternoon