Obama Wins, Markets Do Something

It’s easy to make fun of “up-down” financial market reporting, which is why I do it. Every day, some poor fool pretends to understand why thousands of investors made millions of of decisions about billions of dollars and boil it down to a single cause, such as “profit taking,” “hunting for bargains,” or “declining investor confidence in the wake of yesterday’s Treasury report.”

Every four years, they blame it on the election. Here’s how Charles Riley at CNN tries pathetically to find a story in the overnight markets:

World markets react to Obama victory

HONG KONG (CNNMoney) — World markets struggled to find direction Wednesday as U.S. election results left the balance of power in Washington little changed.

After an initial decline, Asian markets closed mixed. The Hang Seng in Hong Kong ended up 0.3%, while the Nikkei in Tokyo and the Shanghai Composite dropped by a fraction of a percent.

Yeah. Those damned markets. When they’re not rising or falling, they’s struggling to find direction. Thanks for keeping us apprised of the situation. Be sure to let us know if there are new developments.

Leave a reply