Stocks today dropped below the 10,000 point for the first time since 2004 as recent polls show Barrak Obama leading in several battle ground states. Now, I don't know if that is true or not, but why not. Every day I have to hear newsies speculate as to why stocks rise and fall. Here are a few of the reasons:
Rose and fell because Oil inventories dropped
Rose and fell because of the falling value of the dollar
Rose and fell because of an unexpected increase in jobless claims
Rose and fell because of an unexpected decrease in jobless claims
The list goes on and on. Stocks fell because the bailout plan didn't pass, but they then rebounded the next day for the same reason. I might make this a recurring theme on my blog, why stocks do what they do because of some headline. If stocks close out higher today, I think I will say it is due to the OJ Simpson verdict.
Since posting this, apparently I am more right than wrong on this one. Listening to Sean Hannity, his opening monologue consists of speculatin that Wall Street is dipping because they are thinking that Obama will win the Presidency and they are starting to get worried.