Stocks take steep drop, but recover


Associated Press

NEW YORK – Stocks fell this afternoon after it appeared there might be no quick resolution to the presidential election, but mostly recovered by the end of the day.

Unsure how to invest given the political uncertainty, investors quickly unloaded shares.

The Dow Jones industrial average was down 288 at one point as Democratic Party officials said they would demand a follow-up recount by hand in a few Florida counties and that they would support unspecified “legal actions.”

The market recouped most of its losses, but the Dow still closed lower, off 72.81, or less than 1 percent, at 10,834.25, according to preliminary calculations.

The Nasdaq composite index – which fell 184 points Wednesday – slid an additional 144 points before closing with a loss of 31.35, or less than 1 percent, at 3,200.35.

The broader Standard &Poor’s 500 index ended the session down 9.14, or 0.65 percent, at 1,400.14.

One analyst credited the markets’ recovery to bargain hunting and to a statement earlier in the day from Attorney General Janet Reno, who said the federal government won’t get involved in the recount.

“The market got oversold and people jumped back in to pick up some bargains,” said Eugene Mintz, financial markets analyst at Brown Brothers Harriman &Co. “Part of it was probably the fact that the federal government said it can’t get involved. There is a little bit of relief in that.”

Stocks had moved lower during the previous two sessions while the market awaited the outcome of the election. Investors were focused on the poor outlook for high-tech company earnings.

The decline turned into a plunge this afternoon, when Al Gore campaign chairman William Daley and former Secretary of State Warren Christopher complained to reporters in Florida about voting irregularities. The outcome of the presidential election hinged on Florida’s 25 electoral votes.

Investors interpreted the Democrats’ statements as opening the possibility of a further delay in determining who the country’s next president will be.

Copyright ©2000 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Talk to us

More in Local News

FILE - A sign hangs at a Taco Bell on May 23, 2014, in Mount Lebanon, Pa. Declaring a mission to liberate "Taco Tuesday" for all, Taco Bell asked U.S. regulators Tuesday, May 16, 2023, to force Wyoming-based Taco John's to abandon its longstanding claim to the trademark. (AP Photo/Gene J. Puskar, File)
Hepatitis A confirmed in Taco Bell worker in Everett, Lake Stevens

The health department sent out a public alert for diners at two Taco Bells on May 22 or 23.

VOLLI’s Director of Food & Beverage Kevin Aiello outside of the business on Friday, May 19, 2023 in Marysville, Washington. (Olivia Vanni / The Herald)
Coming soon to Marysville: indoor pickleball, games, drinks

“We’re very confident this will be not just a hit, but a smash hit,” says co-owner Allan Jones, who is in the fun industry.

Detectives: Unresponsive baby was exposed to fentanyl at Everett hotel

An 11-month-old boy lost consciousness Tuesday afternoon. Later, the infant and a twin sibling both tested positive for fentanyl.

Cassie Franklin (left) and Nick Harper (right)
Report: No wrongdoing in Everett mayor’s romance with deputy mayor

An attorney hired by the city found no misuse of public funds. Texts between the two last year, however, were not saved on their personal phones.

Firearm discovered by TSA officers at Paine Field Thursday morning, May 11, 2023, during routine X-ray screening at the security checkpoint. (Transportation Security Administration)
3 guns caught by TSA at Paine Field this month — all loaded

Simple travel advice: Unpack before you pack to make sure there’s not a gun in your carry-on.

Heavy traffic northbound on 1-5 in Everett, Washington on August 31, 2022.  (Kevin Clark / The Herald)
To beat the rush this Memorial Day weekend, go early or late

AAA projects busy airports, ferries and roads over the holiday weekend this year, though still below pre-pandemic counts.

Logo for news use featuring the municipality of Snohomish in Snohomish County, Washington. 220118
Troopers: DUI crash leaves 1 in critical condition in Maltby

A drunken driver, 34, was arrested after her pickup rear-ended another truck late Tuesday, injuring a Snohomish man, 28.

Housing Hope CEO Donna Moulton raises her hand in celebration of the groundbreaking of the Housing Hope Madrona Highlands on Tuesday, May 23, 2023 in Edmonds, Washington. (Olivia Vanni / The Herald)
$30M affordable housing project to start construction soon in Edmonds

Once built, dozens of families who are either homeless or in poverty will move in and receive social and work services.

A south-facing view of the proposed site for a new mental health facility on Thursday, Oct. 13, 2022, near 300th Street NW and 80th Avenue NW north of Stanwood, Washington. (Olivia Vanni / The Herald)
County Council OK’s Stanwood behavioral health center

After an unsuccessful appeal to block it, the Tulalip Tribes are now on the cusp of building the 32-bed center in farmland.

Most Read