-Caveat Lector-
November 10, 2000
Stock markets dive on Democrats' vow
By Patrice Hill
THE WASHINGTON TIMES
Stocks plummeted yesterday as Democratic Party officials
raised the specter of a prolonged legal battle over the outcome
of the presidential race in Florida.
The Dow Jones Industrial Average nose-dived to a 288-point loss
and the Nasdaq Composite Index dropped to a 144-point loss as
Vice President Al Gore's campaign chairman, William M. Daley,
announced at an afternoon news conference that the campaign would
back citizen lawsuits contesting the outcome of the Florida vote
with the goal of proving that Mr. Gore won.
The indexes recovered some by the end of trading, but
analysts said that as long as the legal and political battle over
the nation's highest office continues, it would be a major
stumbling block for the markets. The Dow ended down 73 points at
10,834, and the Nasdaq ended down 31 points at 3,200.
"The Gore campaign is saying we'll fight to the end now,"
said Tim Neumann, an investment manager at Chase Asset
Management, predicting that the legal questions raised by the
Democrats will take weeks to resolve.
The principal issue raised by Mr. Daley was that the ballots
used in Palm Beach County were confusing and caused the votes of
more than 19,000 Florida residents to be disqualified because
they mistakenly voted both for Mr. Gore and Reform Party
candidate Pat Buchanan.
Aides to the Republican candidate, Texas Gov. George W.
Bush, signaling their intent to counter the fight in the courts,
maintained that double-voting is illegal everywhere and the votes
were properly disqualified. They added that county residents
voted heavily for Mr. Buchanan in previous primary elections.
"Until the election result is resolved, we will have down
days," said Robert Streed, a stock portfolio manager with
Northern Trust Co. "This is a seasonally very strong period so if
this election uncertainty wasn't there we'd be looking at a
higher market. We'd be in the midst of our normal year-end
rally."
"There's two fears," said Arthur Hogan, chief market analyst
for Jefferies & Co., who said the market went briefly into a
"free fall" during the Gore campaign's announcement.
"First, the market absolutely abhors the unknown and that is
what is going on. We have no idea how long and drawn out this
election is going to be. Secondly, we continue to fear an
economic slowdown and the impact of an economic slowdown on
earnings and revenue growth," he said.
The Bush aides suggested that the legal struggle might not
only be prolonged but also widened to include contests over tight
votes in other states.
They said vote recounts may be ordered in Iowa and
Wisconsin, where Mr. Gore won narrowly, and they have raised
questions about the vote count in Albuquerque, N.M. New Mexico is
another state that Mr. Gore barely won.
"The markets hate the uncertainty about who's going to be
the next president," said Tom Schrader, head of listed trading at
Legg Mason Wood Walker Inc. in Baltimore.
"Until it's decided, I don't see any" catalyst for stocks to
go higher, he said. "Investors are telling me they want to lessen
their exposure to stocks and have cash on the books."
Greg Smith, chief strategist at Prudential Securities Inc.
in New York, recommended yesterday that investors cut their
stockholdings because of the massive uncertainty created by the
unprecedented close race not only for the presidency but also for
control of both houses of Congress.
The schism in the political races suggests that the nation
is in a state of fundamental disagreement over what to do with
the federal budget surpluses and how heavily to regulate
business, he said.
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Kadosh, Kadosh, Kadosh, YHVH, TZEVAOT
FROM THE DESK OF:
*Michael Spitzer* <[EMAIL PROTECTED]>
~~~~~~~~~~~~~~~
The Best Way To Destroy Enemies Is To Change Them To Friends
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