Friday, November 9, 2012

The market reacts to Obama's fiscal cliff remarks (updated)

By Donald Sensing

As I type, the president is still speaking in the White House on avoiding the "fiscal cliff" next year. He began speaking just after 1 p.m. EST.

This is the Dow Jones index from market opening until about five minutes into his speech. I'll post later grabs as the speech and day go on. (Obviously, I don't know how long he will speak.) The red-dotted line represents yesterday's closing index.

Draw your own conclusions as to what the market thinks so far.

Update: Well, as soon as I clicked publish, Obama wrapped it up. Here is the grab as of 1:16 p.m.

I'll let the speech percolate among market movers for awhile and post another grab, then a closing-index grab.

And at 2:20 p.m.

3 p.m. EST - one more hour until closing:

Closing, 4 p.m. EST:

The market all week:

Yep, that off-the-cliff drop in the middle was what happened Wednesday, the day after the election. And today, The Won stood in the East Room (to massive applause) to deliver his first policy-oriented speech since the election: what he's going to do about the looming fiscal cliff.

And the answer is - nothing. Except blame Boehner and the rest of them.

He said he was willing to compromise - as long as the deal reached included everything he wanted.

How did the market, which had been rising all morning long, react? CNBC's headlines sums it up: Wall Street cuts gains after Obama's remarks

So BOHICA - bend over, here it comes again.

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