Dow Jones Industrial Average Takes a Hit on Election Uncertainties

Dow JonesThe Dow Jones Industrial Average (DJIA) fell about 105 points and closed at 18,037.10 on Tuesday. Investors turned jittery on the rising uncertainties related to next week’s presidential election outcome.

The FBI’s renewed investigation of Hillary Clinton’s e-mails appears to have dented the clear lead that the Democratic candidate enjoyed before. According to the latest Washington Post-ABC News Tracking Poll, Republican Donald Trump is ahead of Clinton. The added uncertainties pushed the DJIA down about 0.58%.

The CBOE Volatility Index, also known as the “fear index,” was up about 12%.

The S&P 500 index was down 14.43 points, or 0.68%, to close at at 2,111.72.

The NASDAQ Composite index lost 35.56 points, or 0.7%, to close at 5,153.58.

Apple Inc. (NASDAQ:AAPL) fell about 1.8%, as the concerns about China continue to weigh on the stock.

Pfizer Inc. (NYSE:PFE) lost about two percent, to close at $31.07 as the company reported its earnings, which fell short of consensus estimates. The drug company cut its full-year forecast due to the costs of scrapping the popular cholesterol-fighting drug “bococizumab.”

Yum China Holdings Inc (NYSE:YUMC), the Chinese spin-off of Yum! Brands, Inc. (NYSE:YUM), made its debut on the New York Stock Exchange (NYSE) on Tuesday and gained in the early hours of trading.

Shares of tronc Inc (NASDAQ:TRNC) tumbled down 12.4% as Gannett Co Inc (NYSE:GCI) ended discussions to acquire tronc, the publisher of the Los Angeles Times and the Chicago Tribune. The newspaper industry has been under pressure amid declining advertising revenues and the move towards digital content. The deal fell through on account of unacceptable terms.

Gilead Sciences, Inc. (NASDAQ:GILD) reported earnings that missed Wall Street expectations, and it just managed to beat on revenues.

Herbalife Ltd. (NYSE:HLF) reported earnings and announced that the Chief Operating Officer, Richard Goudis, will succeed Michael Johnson as CEO of the company.  

As the Dow Jones Industrial Average continues to be under pressure, focus will also be on the U.S. Federal Reserve meeting on Wednesday, although the central bank is unlikely to change the interest rates before December. However, market sentiment will be primarily dependent on election news. 

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