Stocks Up After Kerry Concedes
Stocks Up After Kerry Concedes (Reuters)
U.S. stocks rose on Wednesday, after a spokeswoman for Democratic challenger John Kerry said Kerry telephoned President Bush to concede the White House election, confirming Wall Street’s notion that the Bush administration would remain in place. The Dow Jones industrial average was up 151.28 points, or 1.49 percent, at 10,185.13. The Standard & Poor’s 500 Index was up 16.66 points, or 1.47 percent, at 1,147.22. The technology-laced Nasdaq Composite Index was up 31.41 points, or 1.58 percent, at 2,016.20.
While it’s tempting to say that this is because investors think Bush will be better for the economy than Kerry, it’s much more likely that this is just an expression of relief that we won’t be bogged down in endless recounts and lawsuits. If the business of America is business, we can now get on with it.