U.S. stocks tumble with election results still up in the air – By CBS/AP (Moneywatch) / Nov 9, 2022
Stocks are falling in afternoon trading on Wall Street Wednesday as results continue to come in for midterm elections and it is still too early to tell whether Republicans will win control of one or both houses of Congress.
The S&P 500 slipped 72 points, or 1.9%, to 3,756 as of 2:53 p.m. Eastern Time. The Dow Jones Industrial Average fell 576 points, or 1.7%, to 32,585 and the Nasdaq shed 2.3%.
Disney slumped 12.1% and led the broader communications sector lower after it reported financial results that fell well short of analysts’ expectations and issued a weak earnings forecast.
Facebook parent Meta Platforms was a bright spot. It surged 7.6% after saying it will lay off 11,000 employees, or about 13% of its workforce, as it contends with faltering revenue and broader tech industry woes. The move comes just a week after widespread layoffs at Twitter under its new owner, billionaire Elon Musk.
CONTINUE > https://www.cbsnews.com/news/stocks-down-midterm-election-results-2022-11-09/
