Barack Obama's soaring election to the nation's highest office didn't just inspire millions of little boys and girls, millions of young people, and millions of seniors who thought they would never live to see the day when a black man became president. It also inspired Wall Street! Gearing up for an Obama sweep, investors rallied behind media stocks, sending Sumner Redstone's Viacom up 9 percent, along with Disney, CBS, and News Corp. Funny, because these are the very media companies that, now that the election is over, are expected to suffer huge audience losses. [MediaPost]
Change we can bank in! Stocks took a dump.