Fiscal Cliff Fears Sink Stocks
Fears that the fiscal cliff could send the economy back into a recession sent the markets plummeting to a sharply lower close with the Dow crashing 312 points to 12,932. Nasdaq descended 74 points to 2943.
On the upside
Firearm sales are expected to rise in the aftermath of the election over concerns that President Obama will tighten gun control laws in his second term. Shares of Smith & Wesson (Nasdaq: SWHC) and Sturm, Ruger & Co. (NYSE: RGR) climbed.
The re-election of President Obama lifted shares of Tenet Healthcare (NYSE: THC), Universal Health Services (NYSE: UHS) and WellCare Health Plans (NYSE: WCG) as implementation of the Affordable Care Act became more certain.
BMO Capital Markets upgraded Coeur d'Alene Mines (NYSE: CDE) to an Outperform rating. On the downside
Rubicon Technology (Nasdaq: RBCN) reported sharply lower third quarter earnings and forecast fourth quarter results below analyst expectations.
Scientific Games (Nasdaq: SGMS) widened third quarter losses even as revenue rose.
Higher One (NYSE: ONE) disappointed with lower third quarter earnings that missed expectations and lowered its full year guidance prompting a downgrade.
In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by nearly 6 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 21 points to 804.
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