Wednesday, November 5, 2008

Stocks slide 5%

US stocks fell 5% on bad jobs numbers in the wake of the Obama victory. The Dow closed at 9139 and the S&P ended the day at 952. While some Asian bourses extended their rally yesterday, Mumbai also closed lower by 5% on a negative oulook for Reliance. The Sensex ended trading at 10,120 and the Nifty finished at 2994.

As suggested in my weekly forecast, I think this downturn can be tied to Mercury's entrace into Swati. Look for the negative trend to continue at least until Friday, and most likely into Monday, at least in Asia.