Leading the declines were energy stocks, as crude-oil futures tumbled and the outlook for coal darkened. Exxon Mobil VZ -2.39% and Chevron XOM -3.88% declined while coal stocks, pegged to rally if Alpha Natural Resources, CVX -2.89% Arch Coal ACI -13.39% and Consol Energy CNX -6.83% . Railroad shares, which rely heavily on coal shipments, were also weak.These are the stocks that should be going down. Oil: go away. Coal: die die die. Financial: good riddance.
Financial stocks were hit hard by investor concerns about the impact of electoral wins by Bank of America BAC -6.09% and J.P. Morgan Chase JPM -5.48% led the Dow laggards. Morgan Stanley MS -6.82% also dropped.
Disclosure: I used to work for a financial services company. I hates them, my Precious. All that is wrong about our economy may be laid at their looming, Gothic doorstep of greed. People who were in love with the Rombot's business acumen don't understand that no one in the financial sector actually knows anything about actual business. They only know money and how to use it to make more money. You can't base an economy on something that is intrinsically worthless as compared to, you know, actually making things.