Investors get back to business
A trader on the floor of the New York Stock Exchange looks on a day after President-elect Barack Obama's election.
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Steve Chiotakis: Thanks for being with us as we pilfer through all the votes and what the election means in the fallout from the financial crisis. All eyes, of course, are on President-elect Barack Obama, and the question in financial circles around the world is, what's next?
The new president has the job of trying to piece together an economic team with some semblance of credibility on Wall Street -- and all the while exude confidence and charisma in a shaky financial mess. Not too much to ask for, right? Marketplace's Jeremy Hobson has been on the floor of the New York Stock Exchange this morning to get a sense of what the market is thinking.
Jeremy Hobson: David Henderson, president of Raven Securities, says investors are relieved that politics will now take a back seat to policy. But he says today, the markets are not reacting to election results.
David Henderson: Not really. I think we had a nice little pop yesterday. I think people were relieved that the election season was coming to an end finally.
Alan Valdes with Hilliard Lyons agrees.
Alan Valdes: You would have saw a big reaction to the market if John McCain had won. The fact that President-elect Obama won has been baked into the market for a few weeks now. I mean the polls have showed such huge leads for President-elect Obama that it's really not surprising.
Valdes says investors are back to business -- the remainder of the third quarter's corporate earnings and the October employment report due on Friday. That report is likely to have a much bigger impact on the markets than last night's vote tallies.
In New York, I'm Jeremy Hobson for Marketplace.