During President Barack Obama’s second term acceptance speech with Stevie Wonder’s “Signed, Sealed, Delivered” playing in the background he proclaimed, “The best is yet to come.” Things looked great for the president as he rolled over Romney in electoral votes and the Democratic Party won the house, but hours later reality set in.
In the first few hours of trading Wednesday, the Dow Jones Industrial Average lost more than 300 points and the Standard & Poor’s 500 lost more than 2 percent and the U.S. dollar fell after Obama’s re-election. Many Wall Street influentials backed Romney in this election, but now that the incumbent president is still in office, hopefully President Obama is able to continue his domestic economic initiatives and have a truce in the works.
With the House being controlled by Republicans and the Senate now controlled by Democrats a truce between the two parties will be a fight. Regardless, Obama has the advantage of four extra years to push through and make sure Dodd-Frank and Obamacare are implemented.