November 03, 2004


Reuters reports: Blogs Send Stocks Into Reverse ...

NEW YORK (Reuters) - U.S. stocks reversed course suddenly on Tuesday and drifted lower as chatter on the Internet speculated that early exit polls had Sen. John Kerry leading the presidential election in key swing states.

The Dow Jones industrial average was down 42 points, or 0.42 percent, at 10,012. The Standard & Poor's 500 Index was down 2 points, or 0.20 percent, at 1,128. And the technology-laced Nasdaq Composite Index was down 0.69 of a point, or 0.03 percent, at 1,979.

Traders said that part of the slide was due to Internet blogs indicating that Kerry was ahead in key swing states.

"That's what we're hearing," said Lisa Hansen, head trader at Transamerica Investment Management. "Apparently the blogs are saying that Kerry is ahead in one or two of the swing states and that's why the market dipped."

If we’ve got this sort of power, now's the time to abuse it. Hey, investment people! I've heard on the internet blogs that everyone who donates more than $1,000 to me via PayPal somehow wins a brand new Ford GT! And it gets 58 miles per gallon ... of water.

UPDATE. Hugh Hewitt on those exit poll numbers:

Bad news that became good news: Drudge posted a "Kerry's up in early exit poll data," and then we discover the "sample" for those numbers was 59-41% female/male.  Which means that Bush is up in early exit polling when you factor in the huge male gender gap.  But what it really means is that these are nonsense numbers.

Posted by Tim Blair at November 3, 2004 09:14 AM

I have a bottle of 1994 Penfolds Grange. Saving for a special occasion. This just might be it. I just might pull the cork to celebrate the election of GWB. Anyone want to join me?

Posted by: swassociates at November 3, 2004 at 09:18 AM

I wouldn't worry about these exit polls. The daytime voters are tilted toward retirees and housewives. These groups will tend toward Kerry. The polls in NJ are open until 8, and most of the working people are just showing up now (including most men). Unless, of course, you're a lunatic like my husband, who got up at 5 a.m. to vote before the NYC commute.

Posted by: NJ Sue at November 3, 2004 at 09:34 AM

Swassociates, I'd be delighted to join you in celebration, with a flute of Veuve Cliquot Ponsardin Brut. It's early in the evening and anything could happen - hell, I might have to open a second bottle.

But this is wartime, so it's crucial to be proactive, now more than ever. To that end, I propose that we raise a glass in celebration of the re-election of President George W Bush. Cheers!

Posted by: Butch at November 3, 2004 at 10:43 AM

Butch what an excellent tipple! I shall be purchasing some tommorow when 4 more years of democrat misery is announced.

Posted by: Rob Read at November 3, 2004 at 11:03 AM

And I shall be paralyzed with a world-class hangover, and nearly suicidal.

Posted by: Butch at November 3, 2004 at 11:08 AM