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U.S. stocks drop after Trump win

Wednesday, November 09, 2016 - 01:17

Wall Street fell slightly Wednesday morning after Donald Trump's surprise election victory stunned investors. As Fred Katayama reports, investors sought solace in safe assets.

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U.S. stocks fell slightly at the start of trading Wednesday after Republican Donald Trump's unexpected presidential election win stunned investors. The Dow Jones Industrials dropped 80 points at the market open but trimmed its loss. Veteran trader Jonathan Corpina of Meridian Equity Partners does not see a big selloff. SOUNDBITE: JONATHAN CORPINA, SENIOR MANAGING PARTNER, MERIDIAN EQUITY PARTNERS, (ENGLISH) SAYING: "The pullback that we're currently seeing right now was expected if Trump was going to get elected. But it's not a significant pullback just yet. We had a runup in the market two days ago. We were up 2 percent, so this is pretty much wiping out the 2 percent that we gained two sessions ago. If we continue to see continual pressure on the market, then I'd be concerned. But at this early stage right now, I think this is just a healthy movement of the markets." Healthcare stocks gained the most ground, while utilities were the leading decliners. Investors fled risky assets, seeking solace in safety by bidding up the price of gold and the Japanese yen. Currency traders saw the Mexican peso plunge more than 10 percent against the dollar. Trump in his campaign had threatened to tear up a free trade agreement with Mexico and build a wall on the southern U.S. border.

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U.S. stocks drop after Trump win

Wednesday, November 09, 2016 - 01:17