It was the Twilight Zone on Wall Street as stunned investors wait for one of the closest Presidential elections in U.S. history to resolve itself. The mood was grim on the Nasdaq, pushing tech stocks down, down, down. Some investors are apparently predicting a Bush win by trading up drug, tobacco and oil stocks since it's believed a Bush Presidency would be kind to those industries. Wall Street is particularly worried that the deadlocked election could continue to linger for days or weeks leaving the markets stuck in idle.
Investors hate uncertainty.
You can imagine how they feel about a constitutional crisis. First Allied and Morgan Stanley downgraded Cisco today. AAPL sold off in the morning then held steady the rest of the day. Trying to switch sales teams created chaos, according to the schools. Many administrators said the only way they could reach Apple was through the Internet, while Dell's salespeople were showing up in person.