Mid-Afternoon Market Update: Markets Recover Slighty, Oil Continues to Fall
Toward the end of trading Wednesday, the Dow traded down 1.88 percent to 12,996.60 while the NASDAQ fell 2.06 percent to 2,949.81. The S&P also fell, decreasing 1.87 percent to 1,401.68.
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.
Equities Trading UP VirmetX (NYSE: VHC) regained its rallying energy, rising up 25.14 percent to $32.90 towards the market close after its patent suit victory against Apple (NASDAQ: AAPL) Wednesday morning.
Procera Networks (NASDAQ: PKT) rose 14.54 percent to $23.24 after a significant earnings beat Wednesday morning.
Shares of Tangoe (NASDAQ: TNGO) were also on the rise, gaining 14.29 percent to $14.72 after posting guidance roughly in line with estimates after the close Tuesday.
Equities Trading DOWN James River Coal (NASDAQ: JRCC) continued its fall, dropping 27.64 percent to $3.40 following the president's re-election this morning.
Shares of Plexus (NASDAQ: PLXS) were also down, falling 27.43 percent to $20.29 after the company announced it would no longer be a supplier to Juniper Networks Tuesday.
Scientific Games (NASDAQ: SGMS) dropped as well, declining 15.88 percent to $6.99 following an earnings miss Tuesday.
Commodities In commodity news, oil traded down 4.72 percent to $84.51, while gold traded up 0.27 percent to $1,723.90.
Silver traded down 0.16 percent Wednesday to $31.87.
Eurozone European markets were largely down Wednesday morning following the US 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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