Stocks fell off of Super Tuesday’s gains after the economy contracted to prepare for the upcoming shift in power to the Democratic party. The Dow completely wiped out yesterday’s increase, and then some, by dropping 486 points, or 5.05% today. Similarly, the Nasdaq and S&P also responded negatively to investors’ worries about an Obama economy, and fell 5.53%, and 5.27% respectively.Oil took a hit coming off of yesterday’s unjustifiable increases, and after the EIA released their weekly supply report that stated an increase in the supply of oil by 0.1 million barrels. This, coupling with the fear of Obama’s “War on Big Oil,” drove the energy sector and commodity prices lower. December futures for sweet crude traded down over 7%, around $65.14 per barrel. Obama’s pledge to increase natural gas usage drove nat. gas futures slightly higher today. Prices traded around $7.27 per MMBtu. Gold fell to $740.00.

While the United States refrained from a celebratory bullish session over the Obama victory yesterday, Asian markets climbed higher on a stronger dollar. The Nikkei advanced 4.46%, while the Hang Seng and the Shanghai both jump slightly over 3% during the Asian market hours. One U.S. Dollar is now trading around 98.7 yen range.

European stocks dropped for the first time in seven days, reflecting negative earnings releases from large corporations like BNP Paribas (BNP: 9.28, 0.00 (0.00%)) and Arcelor Mittal (MT: 24.88, -6.82 (-21.51%)). The FTSE dropped 2.34% on Wednesday. The dollar continues to rise against the euro in the currency market, and is worth approximately 0.7739 euros.

Panasonic (PC: 16.70, -0.19 (-1.12%)) and Sanyo ((SANYY.PK)) will both hold board meetings this Friday to discuss a potential takeover. Not only would both companies likely benefit from a Sanyo takeover, but Sanyo’s largest shareholder, Goldman Sachs (GS: 87.43, -7.57 (-7.97%)), would also profit from the deal.