Nov. 5-6 - After Obama wins, Dow plunges
Dow closed at: 8,695.79
Change in points: -929.49
Percentage change: -9.66%
Millions of Americans greeted Barack Obama's historic presidential victory on the night of Nov. 4 with awe and a sense of pride. But investors quickly shifted their focus back to the weak economy, sending stocks plummeting the two days following the election.
Stocks rose more than 300 points on Nov. 4 as the election got under way, but Nov. 5 and Nov. 6 represented the biggest two-day point decline in the history of the Dow.
On Nov. 5, investors sold off stocks after two private-sector labor surveys showed deep cuts in employment. The news came just two days ahead of the monthly government report on U.S. employment.
Dour labor market news continued Nov. 6, when initial unemployment claims rose more than economists expected, while a measure of those continuing to seek claims shot up to a 25-year high. The Labor Department would later report that the economy had shed 1.2 million jobs up to that point in the year.
NEXT: Dec. 1 - It's a recession
Last updated December 29 2008: 2:39 PM ET
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