- On November 7, 2016
- 0 Comments
By Ken Sweet
This article was posted in the Cleveland Plain Dealer 11-5-16
NEW YORK (AP) — The slow, steady retreat of the stock market ahead of the 2016 election continued Friday, with the market falling for a ninth straight day. Wall Street is now in its longest period of decline in more than three decades.
Investors continue to focus on the U.S. presidential election, which has become too close for comfort for some investors and has put the market on the defensive.
The last time the S&P 500 fell for nine straight days is December 1980, nearly 36 years ago. Ronald Reagan wasn’t even president yet.
Investors point to one reason for the drop: Donald Trump.
With only a few days left until the election, Hillary Clinton is still leading in national polling but Trump appears to have considerably narrowed the gap, particularly in swing states. Investors like certainty, and Clinton is seen as likely to maintain the status quo. Trump’s policies are less clear, and the uncertainty and uncomfortable closeness of the polls has caused jitters in financial markets.
“Some investors are afraid of Donald Trump becoming president,” said Michael Scanlon, a portfolio manager at Manulife Asset Management.