Mid-Morning Market Update: An Obama Win Brings Rallies in Healthcare Providers, Drops in Coal
Following the market opening Wednesday, the Dow traded down 1.57 percent to 13,037.14 while the NASDAQ fell 1.36 percent to 2,971.01. The S&P also fell, decreasing 1.52 percent to 1,406.60.
Top Headline Early Wednesday morning, President Barack Obama was declared the early winner of the 2012 presidential election as he was voted in for a second term. Coal stocks are expected to take a hit from the President's re-election, while Gold and renewable energy stocks are expected to get a boost.
CIENA (NASDAQ: CIEN) rallied 11.31 percent to $14.67 after the company continued its recovery from Sandy and is expected to present at the Ethernet Expo of America today.
Shares of Vanguard Health Systems (NYSE: VHS) rose 10.64 percent to $11.70 following an Obama victory that was widely touted as positive for healthcare providers.
Equities Trading Down James River Coal (NASDAQ: JRCC) dropped 15.32 percent to $3.98 following the president's re-election this morning.
Shares of LivePerson (NASDAQ: LPSN) were also down, falling 15.40 percent to $12.42 after it was downgraded at Benchmark.
NII Holdings (NASDAQ: NIHD) also fell, trading down 12.59 percent to $6.18 following an earnings miss before the market opening Wednesday.
Commodities In commodity news, oil traded down 2.18 percent to $86.77, while gold traded up 0.40 percent to $1,726.00.
Silver traded down 0.34 percent Wednesday to $31.69.
Eurozone European markets were largely down Wednesday morning following the U.S. presidential election. Traders may also have been wary of the coming Greek Austerity vote, the results of which are expected after the European close today.
In other news, the ECB President Mario Draghi came out with some comments this morning, saying that the euro crisis was impacting the German economy, while Olli Rehn stated that the economic recovery should strengthen in 2013.
Economics There are no major economic releases scheduled for Wednesday.
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