Martha Coakley has lost the Senate race to Scott Brown after the passing of Edward Kennedy in a stunning upset for Democrats and President Obama's campaign to overhaul the health care system. Stock market pundits are calling for a rally on expected political gridlock in Washington D.C.
Scott Brown was expected to win the race by the time the election rolled around and the major indices were all up atleast 1% by the close on Tuesday.
Also Tuesday, IBM announced results after the close and beat expectations but the Street was less than impressed and shares sold off in the after hours giving up all of Tuesdays gains. Pundits figured good results were built in to the stock and the price was no longer cheap, after rallying 60% in 2009.
On Wednesday I anticipate stocks may rally mildly but will not surge as the pundits estimate. In 12 hours from this post, we will find out how the Street interprets the Brown victory.
Tuesday, January 19, 2010
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