Stocks Mixed After VP Debate 2012:
Stocks gapped down early in the morning session and never recovered after the vice presidential debate last night. The Dow gained 2 points to close up 13,328 but most sectors closed down this week with five straight days of losses.
The debate last night gave no new clues as to who would win the presidency next month. CNN polling showed Paul Ryan won and this occurred mostly on style as Vice President Biden interrupted him 82 times and was laughing throughout the debate. Political debate analysts found Biden’s performance lackluster and Twitter hashtags for #bidenlaugh permutations were extremely popular last night.
The financials were down today but caught a slight bid later in the session and today may be a buying opportunity if stocks rebound next week as traders look to get in front of the election. Earnings news seems to be ‘baked’ in to current prices and stocks are reasonably priced. The market is not in correction mode and we are moving from neutral to slightly bullish.