Obama Wins Election

Published by Filipe R. Costa on Wed, 07/11/2012 - 15:16
obama wins

Daily Market Commentary for November 7: Barack Obama was re-elected overnight and will be the U.S. President for the next four years. At first Romney was leading the race but then everything turned in Obama’s direction.

It was an unstable night for equities since the Dow experienced ups and downs. Yesterday was positive for equities and the Dow ended 1% higher but during the night it was hit at first as Romney was seen leading the race but then recovered from 13,135 to 13,300 as Obama turned it in his favour.

Investors were concerned with QE3 and what would happen in case Romney won the election as the candidate has been opposing the current FED’s policy. As Romney was put away, Gold gained $40 pounds in less than one day.

The enthusiasm may be short lived as investors start to feel the pain it will be negotiating the fiscal cliff. Markets have been hit violently today as the US session is underway. The Dow is currently trading around 13,025 down from a high registered overnight at 13,300. Gold is also retreating.