Remember that nice rally in the stock market that started in September? Well, Wednesday’s plunge has essentially wiped out the entire thing.I'm not well versed in the Stock Market, but I know enough to know these numbers reflect investor and consumer confidence. The stock market reaction the day after an election isn't a crystal ball, but it can be very telling.
The major averages were down more than 2% in afternoon trading as the market surrendered its Election Day rally and backtracked to late August levels. With about two and a half hours until the closing bell, the Dow Jones industrial average was 275 points lower at 12,971, the S&P 500 was off 29 points at 1,400 and the NASDAQ was down 67 points to 2,944.
WASHINGTON (Reuters) - Boeing Co said on Wednesday it will restructure its defense, space and security business and cut 30 percent of management jobs from 2010 levels as part of a broad cost-cutting drive.Boeing, the Pentagon's second-largest supplier, said it also will close some facilities in California and consolidate several business units in an effort to trim $1.6 billion in costs by the end of 2015, on top of $2.2 billion in reductions achieved since 2010.
“I explained to them a month ago that if Obama gets in office that the regulations for Obamacare are gonna hurt our business, and I’m gonna have to make provisions to make sure I have enough money to cover the payroll taxes, the additional health care I’m gonna have to do, and I explained that to them and I said you do what you feel like in your heart you need to do, but I’m just letting you know as a warning this is things I have to think of as a business owner."A woman I follow on twitter will be laying off 10 employees so she can meet that 50 employee exemption in Obamacare. I've gotten tweets from small business owners who are worried what 2013 will look like for them, who wanted to expand and can't. I've heard from people who are afraid their hours are going to be cut or they know their hours are going to be cut. People shouldn't have to welcome the New Year in the unemployment line.