Wall St. frowns on election

CNN/Money ^ | November 8, 2006

[RWR8189]

NEW YORK (CNNMoney.com) -- Signs that there could be a prolonged legal battle to determine control of the U.S. Senate, following Democratic capture of the House, could help send stocks lower when markets open Wednesday.

Nasdaq and S&P futures indicated a lower Wednesday open.

As of 3:15 a.m. ET, Democrats had gained 26 seats in the House, 11 more than needed for them to take control of the chamber for the first time in 12 years. They had also gained 4 Senate seats, two shy of what was needed for control. (CNN.com's election coverage)

But futures declined a little further after there were indications that the Senate race in Virginia, which could determine control, could result in a prolonged recount. Democratic James Webb held a 7,500-vote lead over incumbent Republican Sen. George Allen, with only a handful of precincts yet to report.

Democratic candidate Jon Teeter was ahead of incumbent Republican Sen. Conrad Burns in the Montana race that was too close to call.

[onyx]

DOW will tank today.

[RWR8189]

Dem takeover of the House is priced in.

None of the tax cuts expire until 2010, and Bush still has his thus far seldom used veto pen.

I think the markets will take it in stride.

[MissouriConservative]

"Exit polls indicated that the economy was the third most important issue in the election, behind the war in Iraq and terrorism. Of those surveyed, 50 percent gave a negative view of the economy, and Democrats captured the lion share of those who feel that way."

Negative view of an economy with 4.4% unemployment (lowest in forever)? Dow flirting with highs never seen before? Who in the hell are these freaking morons that they polled? This is the best economy since the Great Ronald Reagan was in office and people have a negative view?? A**holes.

[MinorityRepublican]

CNN actually wrote this?

[kinoxi]

Give the dems a few days before calling the markets.

[onyx]

We shall see. Husband sold yesterday.

[Echo Talon]

Ay least 100 point drop and thats conservative.

[dcrider182]

Well if the dow tanks.. whats the spin gonna be.. After all. the Dems are super stoked about there win tonight.. im sure they (and the MSM) will pin it on the Republicans.. and the Reb's will just take it

[RWR8189]

Sure there might be a temper tantrum for the rest of the week, but the fundementals of this market are good, and I don't see a big move downward.

[Echo Talon]

Here was the Market BEFORE THE ELECTION.

[onyx]

What's to take or dismiss? The numbers will tell the tale.

[Screamname]

I just woke up to go to work and it`s raining...Please don`t tell me it`s even worse, that dimorats control the house.

[zarf]

Rest assured that any MSM negative spin regarding the economy will now cease with this election.

[MissouriConservative]

Of course. Now that the democrats have taken congress, the sun will shine brighter, poverty will end, birds will sing clearer, and America will be....French.

[OldFriend]

Markets down overseas as well.

Watch the MSM chalk it up to some obscure non believable reason.

[dcrider182]

If it drops . less then 12 hours from a control change.. somebody's gotta bring it up.. The MSM may sweep that under the rug. you are correct.. but if it drops.. you CAN"T DENY the connection...

[OldFriend]

NYers are sure going to get the economy they wished for.

First thing Spitzer did was announce that the multi millions of dollars of new spending for NYC schools is on the table.

Happy going broke NYers.

[Howlin]

And probably the Senate.

Have a good day.

[familyop]

I hope the bottom falls out, and I hope that our President orders the bombing of only nuclear, communications and ground-to-air missile sites in Iran this morning. May amnesty be granted to all non-violent illegals, and may the price of oil rise to $100 per barrel.

Yeah, I'm a little steamed. Our nation should have the will to work and give much to the few willing to fight for our defense. We're spoiled rotten.