After losing over 500 points yesterday in the wake of the American presidential election win by Senator Barack Obama, the Dow is down another 440 points in mid-day trading. CNN Money says the sell-off is accelerating on concerns that falling oil prices and problems in the U.S. auto industry will be harbingers for a longer recession.
October retail sales from the nation’s chain stores were mostly abysmal, with some discounters like Wal-Mart Stores escaping the fray. The housing market collapse, credit crunch and strained labor market have all taken their toll on consumers’ wallets.
In the week prior to the election, stocks (as measured by the S&P 500) had gone up 18 percent, recovering from a 35 percent drop the week prior. Some of those gains are part of the two-day sell-off that’s underway now, with the S&P down eight percent, according to CNN Money.
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The Mississippi Free Press produced this story through the MFP Solutions Lab, supported by the Solutions Journalism Network. This series digs into Mississippi’s systemic issues and sheds light on responses to them in other communities. Beyond just reporting on problems, these stories interrogate their causes and inspect potential solutions.