Wednesday, the Dow closes more than 600 points lower as results in key states remain up in the air. MarketWatch shows The Dow Jones Industrial Average was down 508 points, or 1.5%, trading near 32,678, after falling more than 600 points at the session’s low. The S&P 500 index was off 1.6%, and the Nasdaq Composite Index was 2% lower.
Investors were hoping for a different outcome for the midterm elections. The prediction of Republicans gaining absolute control of Congress did not happen. If Republicans had gained power, it would have given the party ground to block future tax and spending plans. The drastic drop shows most of America may not be too happy with midterm election results. Investors continue to stress ahead of the October price index report due on Thursday morning.
The declines happened just as crypto exchange Binance announced it was backing out of plans to buy FTX. A day before, Binance’s CEO announced the company had reached a deal to buy its rival. Fast forward to Wednesday, and Binance says its decision to back out of the agreement comes after recent reports of mishandled customer funds and alleged U.S. agency investigations into FTX. The decision now leaves FTX on the brink of collapse. Since Binance decided to back out of the deal, cryptocurrencies have plummeted. Bitcoin has fallen by 13%.
Here’s a highlight of some stocks making significant moves after hours. Bumble plummeted by 15%. FICO shares have jumped 10%. Electric car maker, Rivian gained 5%.
Add comment