After the abnormally truncated week from Hurricane Sandy last week, the markets aren't ready to go back to normal just yet since the election is upon us. Plus, the health care sector took a beating last week.
After the abnormally truncated week from Hurricane Sandy last week, the markets aren’t ready to go back to normal just yet. This week the markets have to deal with the presidential election on Tuesday.
While the election takes place at the beginning of the week, it could have a longer effect if there’s a recount or if Mitt Romney wins. The market will be in suspended animation until the election is officially settled or we know what the winner — if it’s Romney — will do after he gives a speech on his plans.
So knowing all that, it’s best to proceed as normal with your investing and don’t make any special moves on hunches.
The market was very tough on health care last week. The one really bright spot was Dendreon reporting strong results. However, Pfizer, Vertex, Merck, Johnson & Johnson and Bristol-Myers Squibb all had less than ideal weeks.
In addition to Amgen’s conference with analysts, investors should keep an eye on Alcoa — as they go, so tends to go the industrial side of the economy.
If you have any questions for Marek, he can be contacted through Twitter at @MarekFuchs.
Watch past Wall Street Wrap Up videos here.
Marek Fuchs was a stockbroker for Shearson Lehman Brothers before becoming a journalist who wrote The New York Times' "County Lines" column for six years. Marek speaks regularly on business and journalism issues at venues ranging from annual meetings of the Society of American Business Editors and Writers to PBS to National Public Radio. His last book, A Cold-Blooded Business, was called "riveting" by Kirkus Reviews and next book, Local Heroes: Portraits of American Volunteer Firefighters is due out in 2012. He is on the writing faculty at Sarah Lawrence College. When Marek is not writing, teaching or filming videos, he serves as a volunteer firefighter.