UPDATED: The tighter than expected race between Hillary Clinton and Donald Trump has sent investors into a panic Tuesday night. The Dow futures market plunged more than 500 points as the Election Day returns are showing Trump in a much more competitive position to take the White House than forecast by any mainstream polls or prognosticators.
The Dow futures plummeted more than 500 points in after-hours trading before recovering slightly when Clinton’s chances in Florida appeared to improve around 8:15 p.m. ET. But as races in key battleground states remained too close to call, the index sank through the 600 mark around 10 p.m. ET.
The plunge came after two days of upbeat numbers on Wall Street, particularly on Monday when the Dow surged 371 points.
Foreign markets were equally skittish, as the Mexican peso fell to its lowest point in eight years. Japan’s Nikkei index fell 382 points, while Hong Kong’s Hang Seng index dropped 846 points.
Previously: Wall Street kept its cool on Election Day, with the major indexes ending the trading day with slight gains on the heels of Monday’s bigger bounce. Media stocks were mostly up for the session.
The market’s buoyancy was generally regarded by Wall Street observers as a sign that investors believe Hillary Clinton will be moving into the White House and that a Clinton presidency will be less volatile for the markets.
AMC Networks was the biggest exception, registering a nearly 2% decline to $52.37. Viacom ($37.35), Disney ($94.38) and Netflix ($123.64) were down less than 1% for the day.
Fox ($27.08, up 1.5%), Lionsgate ($22.85, up 2%) and Discovery ($25.85, up 1.2%) were the biggest media gainers.
The Dow and the Nasdaq remained in positive territory throughout the day, closing with a less than 1% bounce. On Monday the Dow shot up 371 points while the Nasdaq gained 120 points.