Wednesday, November 7, 2012

Wall Street stocks lower after election results

Bank of America shares, along with most other Wall Street stocks, opened considerably lower Wednesday as investors reacted to the election results.

Unsuccessful Republican candidate Mitt Romney had pledged to roll back a number of the provisions of the Dodd-Frank financial reform law, which the banking industry has spent considerable effort fighting. A Republican victory was also expected to considerably weaken the fledgling Consumer Financial Protection Bureau.

On top of that, Democrat Elizabeth Warren, one of Wall Street's chief critics, won her Senate race against incumbent Scott Brown.

Bank of America shares were down more than 5 percent. Wells Fargo fell 3 percent. All 30 companies in the Dow Jones Industrial Average were down as of 11 a.m.


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