John Tamny of RealClearMarkets
Alongside last Friday’s announcement that Alaska Governor Sarah Palin would be John McCain’s running mate, the Dow Jones Industrial Average fell 170 points. Stocks have shown weakness ever since.
While there are many factors that move markets, a looming electoral contest between a tax-hiking Democrat versus a nominally pro-growth Republican surely weighs heavily on market psyche. It says here that the markets concluded last week that whatever John McCain’s true economic views, on Friday he handed the election to the anti-growth candidate with his selection of Palin.