Wall Street drops after U.S. election, Draghi gloom on economy

[WallyWeaver]

Center stage this morning: America's fiscal cliff (7 weeks away) and Europe's debt woes.... Europe's debt woes? I think someone elses debt woes will be coming into focus soon....

Wall Street drops after U.S. election, Draghi gloom on economy

Reuters – 15 minutes ago

By Chuck Mikolajczak

NEW YORK (Reuters) - Stocks dropped on Wednesday as investors renewed their focus on a looming fiscal showdown in Congress after the re-election of President Barack Obama, and comments by European Central Bank President Mario Draghi fed concern about Europe's debt crisis.

The S&P energy index dropped (REU:^GSPEI) 2 percent as companies in the sector will likely see more regulation in President Obama's second term, with less access to federal lands and water, even as the administration promotes energy independence.

With political uncertainty removed, investors attention swings to the looming "fiscal cliff" of some $600 billion in spending cuts and tax increases due to kick in next year, which could derail the U.S. economic recovery.

Investors concerns about the global economy were compounded by comments from ECB President Draghi, who said the bank expects the euro zone economy to remain weak "in the near term" and that recent data suggests the German economy, Europe's biggest, is being affected by the region's debt crisis.

In Greece, the ruling coalition hopes to overcome its own divisions and defy protesters Wednesday to push through an austerity package needed to secure aid and avert bankruptcy, with Prime Minister Antonis Samaras expected to narrowly win support for budget cuts, tax hikes and labor reforms.

"The election is over, nothing changed. It was fun, but it's kind of like a roller coaster - you just end up where you started but there was lots of excitement in the middle of it," said Ron Florance, managing director of investment strategy for Wells Fargo Private Bank based in Scottsdale, Arizona.

"We are now squarely focused on what are you going to do about the fiscal cliff and how is Europe going to resolve this (debt crisis) problem, those two problems haven't gone away."

Link: http://finance.yahoo...-031550185.html

[GT ACE]

Confidence in Obama reflected in stock market... 9:45 am

Dow -- down 331.7

Nasdaq -- down 77.40

S&P -- down 36.38

Ain't Barry wonderful!

[King Bean]

Ain't Barry wonderful!

He'll just sign some kind of executive order to fix things, squeeze in a round of golf, a little basketball, maybe a wrap-up visit to the Letterman show and off to bed...thinking it will all go away...if he just signs some kind of executive order to fix things, gets in a round of golf, a little basketba......................

<_< <_< <_< <_<

[WallyWeaver]

Confidence in Obama reflected in stock market... 9:45 am

Dow -- down 331.7

Nasdaq -- down 77.40

S&P -- down 36.38

Ain't Barry wonderful!

Thanks for the comment, GT.

This is just the dust settling. QE will continue and the markets will rise, all of them. Today Europe and the fiscal cliff are in the spotlight. The presses are still running, though....

WW.

[wpsmit]

Perhaps his muslim brothers in Iraq will try to help his legacy by finally announcing the RV!

(I've got to try and find some silver lining in the election results which I regard as one of the darkest days in our country's history)

[DiveDeepSix]

The market is only the start, get ready for gas prices to explode, businesses to close up sending unemployment skyrocketing even higher, factories closing shop and running for other countries as quickly as possible to get away from the most anti business, unAmerican president this world has ever seen.

Hey but what does it matter as long as they get their freebies right? $*&^#@*)(@#& IDIOTS!!

[WallyWeaver]

The market is only the start, get ready for gas prices to explode, businesses to close up sending unemployment skyrocketing even higher, factories closing shop and running for other countries as quickly as possible to get away from the most anti business, unAmerican president this world has ever seen.

Hey but what does it matter as long as they get their freebies right? $*&^#@*)(@#& IDIOTS!!

Don't forget about the large percentage of Doctor's that are going to walk away from their practices if Obamacare is not repealed.

Obamacare: Impact on Doctors

By Robert E. Moffit, Ph.D.

No class of American professionals will be more negatively impacted by the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act than physicians. Third-party payment arrangements already compromise the independence and integrity of the medical profession; Obamacare will reinforce the worst of these features.

Specifically, physicians will be subject to more government regulation and oversight, and will be increasingly dependent on unreliable government reimbursement for medical services. Doctors, already under tremendous pressure, will only see their jobs become more difficult.

Medicaid Expansion and Payment

Under the new law, an estimated 18 million of the 34 million who would gain coverage over the next 10 years would be enrolled in Medicaid, a welfare program jointly administered and funded by the federal government and the states.

Physician payments in the major entitlement programs, Medicare and Medicaid, are already well below the prevailing rates in the private sector. On average, physicians in Medicare are paid 81 percent of private payment; physicians in Medicaid are paid 56 percent of private payment. Medicare payment has resulted in sporadic access problems for Medicare patients, and the lower Medicaid payments have already contributed to serious access problems for low-income persons and worsened hospital emergency room overcrowding. In a recent survey conducted by Opinion Research Corporation, 67 percent of primary care physicians said that under current conditions new Medicaid enrollees would not be able to find a “suitable primary care physician” in their area.

...

Notwithstanding the American Medical Association’s high-profile endorsement of the massive Senate health bill, now the law of the land, recent polling underscores deep physician discontent.

For example, according to a recent survey of physicians conducted by Athena Health and Sermo, 79 percent of physicians are less optimistic about the future of medicine, 66 percent indicated that they would consider dropping out of government health programs, and 53 percent would consider opting out of insurance altogether.

More ominously, with America already facing a shortage of physicians, particularly in geriatrics and primary care, many physicians also say they would leave the profession. Based on earlier polling and surveys of physician sentiment, none of this should be surprising. The new law does not address physicians’ most pressing concerns, such as tort reform, and it worsens the already painful problems with third-party payment and government red tape.

Link: http://www.heritage....pact-on-doctors

[tarsi]

Confidence in Obama reflected in stock market... 9:45 am

Dow -- down 331.7

Nasdaq -- down 77.40

S&P -- down 36.38

Ain't Barry wonderful!

Again, they're afraid of our Congress playing the same old games.

Damn, paranoid folks the day after.

[Princess DinarTard]

Perhaps his muslim brothers in Iraq will try to help his legacy by finally announcing the RV!

(I've got to try and find some silver lining in the election results which I regard as one of the darkest days in our country's history)

You are DELUSIONAL if you think Obummer wants this RV to happen....he had his chance to allow it to happen....

The investors and the stock market KNOW...they were very Pro Romney because (politics aside....) ROMNEY KNOWS HOW TO MAKE MONEY....and the stock market is reacting....they are not a fan of Obummer.

And our King for the next 4 years will not allow the RV to occur under his watch.

So bookmark this page, because come November 2016 everyone will still be coming on her "praying and begging" for the RV...but life in Amerikka would have changed so drastically. The RV is NOT going to happen anytime soon!!!!!!!!!!

The market is only the start, get ready for gas prices to explode, businesses to close up sending unemployment skyrocketing even higher, factories closing shop and running for other countries as quickly as possible to get away from the most anti business, unAmerican president this world has ever seen.

Hey but what does it matter as long as they get their freebies right? $*&^#@*)(@#& IDIOTS!!

I feel your frustration completely...most people are suffering from amnesia.

In Jan 2009 (at Obummer's Inauguration) , gas was hovering around $1.92/gallon....and this week (Nov. 2012) gas is $3.47/gal on average...you have people on the East Coast fighting over GAS and women selling sex in trade for gas in New Jersey...this week!!!!!!!!!!! It was mentioned YESTERDAY on CNN that this was going on in the middle of the election coverage...WTF??

All these people are living zombies....regardless of the color....white, black, college educated and laymen....too many are depending on Obummer to be their "savior" and they are delusional....and our RV is not going to happen under his regime!!