Stocks plunge: Dow's worst day of the year
November 7th, 2012
04:45 PM ET
1 year ago

Stocks plunge: Dow's worst day of the year

New York (CNNMoney) - A sell-off on Wall Street gained momentum Wednesday, with the Dow falling below 13,000 for the first time in two months, as investors focused on how President Obama plans to avoid the fiscal cliff after he won re-election Tuesday night.

A weak outlook for economic growth in Europe and European Central Bank president Mario Draghi's warning of a slowdown in Germany also weighed on the market.

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Filed under: 2012 • Economy
soundoff (33 Responses)
  1. Vin

    Its Bushs fault

    November 7, 2012 05:02 pm at 5:02 pm |
  2. cbp

    Gotta love those people on Wall Street. They sure do know how to put a damper on any celebration. All the Republicans are pointing fingers and feeling very blue. They cannot believe they lost so what better way to show it than to cause stocks to plunge.

    If only people could be a little more supportive. Let's make sure we really do have a reason to panic.

    November 7, 2012 05:08 pm at 5:08 pm |
  3. Gurgyl

    No it is bin laden fault? Your car fault? Your wife fault????? Idiot.

    November 7, 2012 05:12 pm at 5:12 pm |
  4. B.

    Its about Germany not Obama folks.... Hello.....

    November 7, 2012 05:13 pm at 5:13 pm |
  5. different chris

    Well clearly Romney would have been much better for all* Americans.

    *Note: Subject to certain limitations. Void where prohibited. Call GOP customer service for details.

    November 7, 2012 05:21 pm at 5:21 pm |
  6. Archer

    The markets know a winner. We right back to GRIDLOCK. Except other than anthying else the Narcissist and Chief can do by Presidential directive.

    November 7, 2012 05:22 pm at 5:22 pm |
  7. Malory Archer

    A more appropriate headline would have been: Obama Wins, Wall Street Throws Tantrum That Would Make the Most Tempermental Three Year-Old Blush.

    November 7, 2012 05:24 pm at 5:24 pm |
  8. Name tbone

    Of course there is a sell off. Have to sell all coal and oil stocks. Basically anybody who lives in a red state will get screwed by the auto bailout bums. Can you imagine the pain in coal country? I voted for Obumer the first time and have regretted it. Couldn't believe they kept blaming the housing bust on Bush. He and McCain kept trying to warn of housing bubble but ole Blarny Flank wouldn't dare deny loans to people without jobs. Now my house is still worth 100k less than we paid for it. My mistake has been trying to do the right thing: Navy veteran,employer and real tax payer. Should have just faked an injury and claimed disability

    November 7, 2012 05:26 pm at 5:26 pm |
  9. Sniffit

    Whatever. The article on CNN MOney quite clearly states the financial experts' opinion that this is likely a one or two day thing and not expected to be long term. Moreover, we're talking about a DOW that doubled during Obama's first term. We can handle a 2% fluctuation. What we can't handle is people pretending that Wall Street and financial industry manipulations of the stock market to affect the political climate (or throw a sortof tantrum) should be taken seriously or allowed to occur and persist without consequences.

    November 7, 2012 05:29 pm at 5:29 pm |
  10. Larry Csehil

    Be careful what you wish for, you might just get it. Congratulations Mr. President.

    November 7, 2012 05:35 pm at 5:35 pm |
  11. Yeah

    @sniffit. If Obama is going to blame Bush for financial woahs you can't try to give credit even indirectly that the dow doubled because of Obama.

    November 7, 2012 05:39 pm at 5:39 pm |
  12. Ancient Texan

    We knew the market would drop if Obama won reelection, as investors know the damper he puts on anything optimistic. Some today say it is not through selling off and will drop still further.

    November 7, 2012 05:45 pm at 5:45 pm |
  13. Archer

    "What we can't handle is people pretending that Wall Street and financial industry manipulations of the stock market to affect the political climate (or throw a sortof tantrum) should be taken seriously or allowed to occur and persist without consequences."
    ______________
    So Obama now controls markets?? Are you kidding me. No once controls markets and I am sure it will be up or down soon (who knows) and if the government steps in to "handle" things free markets are over. What people don't respond well to is threats.

    November 7, 2012 05:46 pm at 5:46 pm |
  14. Marie

    GOP faithfuls being childish to the end. If you LISTENED to the news this morning the markets dropped due to what is going on in Europe. This is why your boy lost, his mega millions buddies are out of a fortune, and you are still carousing the blogs like the last drunk girl at the bar. I have never seen soooo many grown and hate and negative babies on the right in my entire life. You don't need a leader but pacifiers and Pampers.

    November 7, 2012 05:47 pm at 5:47 pm |
  15. Obamacide: The Death of a Country

    >B. - Its about Germany not Obama folks.... Hello.....

    Right because the big event of the night was that the sun rose in Germany.
    This drop is nothing. Wait until you see what is coming in a month or two when the Obama recession starts.

    November 7, 2012 05:53 pm at 5:53 pm |
  16. Jules

    Maybe McConnelll and Boehner should have said we all have to get right to work to take care of this fiscal cliff we facing in a bipartisan manner rather than once again coming out and saying they will not work with the president – they will not raise one tax in any way shape or form, etc. Why wouldn't the markets cringe at that?

    November 7, 2012 05:54 pm at 5:54 pm |
  17. Sniffit

    "What people don't respond well to is threats."

    Right...and you don't think a financial industry pervasively angry over their puppet's loss of the election, the prospect of having their shenanigans reigned in and the possibility of their tax loophole gravy train being taken away (i.e., carried interest being treated like capital gains)...you don't think they have the abitliy or collective sociopathic willpower to coordinate their advice to clents in order to stage an implicit "threat"? Please. The markets aren't "free" when the system has been constructed and grown in such a manner that it is subject to gross manipulations like those that led to the economic disaster in the first place. Oligarchies, plutocracy, cartel behavior, etc...none of that jives with the ideological ideal of a "free market" and competition. You're talking about giants that are "too big to fail" as if that doesn't go hand in hand with them being "too big to control." Poppycock.

    November 7, 2012 05:57 pm at 5:57 pm |
  18. Obamacide: The Death of a Country

    Republicans have it all wrong. They have been trying to starve the beast. It is not possible. The beast is designed to take whatever it wants to survive thanks to the tax code.

    Republicans need to FEED the beast until it chokes or has a heart attack from obesity. They need to make the government as big as possible and raise taxes as much as possible to pay for it. No borrowing. Tax and pay for it NOW. I will name this the "California Plan". It will cut right to the chase and get to the final result of the socialist democrats. The sooner we become a bankrupt leftist country, the sooner we can start to rebuild. Tax rates of 70-90% will rid the country of all those evil rich people. High corporate rates will rid the country of all those evil companies and all the evil jobs they created.

    So Republicans, got the new plan?! Pedal to the metal, full speed ahead Obamacide. It is the ONLY solution.

    November 7, 2012 06:00 pm at 6:00 pm |
  19. Sniffit

    "@sniffit. If Obama is going to blame Bush for financial woahs you can't try to give credit even indirectly that the dow doubled because of Obama."

    IT depends on what we're talking about. It all doesn't just get clumped under the same broad category. Did the Bush tax cuts and Medicare program and wars create the majority of the deficits and debt? Yes. The numbers don't lie. Did GOP and Bush administration lax oversight, deregulatory policies and resistence to regulatory reform of Wall Street allow Wall Street to engage in insanely risky behavior that caused the economic collapse when the risks were realized? Yes. The historical record doesn't lie. Did the DOW double on Obama's watch while the exrtemely wealthy and giant corporations resumed their investment games and sat on record amounts of capital because they were unwilling to admit that their own behavior was contributing to the very demand vacuum that destroyed any justification for expanding business and creating jobs? Yes. Neither the numbers nor the historical record are lying. Nuance. Get some.

    November 7, 2012 06:02 pm at 6:02 pm |
  20. Woman In California

    The DOW will rebound just like it did after W left and all will be well with the world.

    November 7, 2012 06:07 pm at 6:07 pm |
  21. Let's Move Forward

    Some of you sore losers are really pathetic. Learn to live with it because those of us that are intelligent tried to tell you but you would not listen.

    November 7, 2012 06:13 pm at 6:13 pm |
  22. GOP = Greed Over People!

    Draghi and his comments about Germany starting to slow down like the rest of the Eurozone, is why the market is down.

    November 7, 2012 06:16 pm at 6:16 pm |
  23. JD

    Sniffit,
    You are just not smart. The market doubles, but so does gas, food, etc. which consumed your income so you aren't even in the market You ever hear of regressive conditions?

    But yes. I did well in the market. Lots of others are hurting though. Dismissing it is pretty pathetic on your part.

    November 7, 2012 06:20 pm at 6:20 pm |
  24. 2012liberal

    Wall streets crying b cuz there is not a free get out of jail card 'no regulation romney' n the deck! No 0% on capital gains on the table.

    November 7, 2012 06:28 pm at 6:28 pm |
  25. Hunky dory

    Good time to buy buy buy.

    November 7, 2012 06:29 pm at 6:29 pm |
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