Jobs, service reports dampen post-election bounce.
Less than 24 hours after Obama won the presidency, the glow is off for Wall Street: The Dow plunged 486.01 points today to close at 9,139.27, its largest-ever drop following a presidential election. Reports on jobs and service industries were to blame, according to Bloomberg; ADP Employer Services reported that companies shed 157,000 jobs in October, the most in six years. “We had an election yesterday; that doesn’t mean the problems go away,” Kevin Rendino of BlackRock Inc. told Bloomberg. “We still have an economic slowdown.” The S&P 500 tumbled 5.3 percent, while the Nasdaq shaved 5.5 percent.
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