Posted: Nov 10, 2012 9:26 PM by Katie Brennan
Updated: Nov 11, 2012 11:25 PM
In this Business Update, KOMU 8's Katie Brennan takes a look at what Senator McCaskill and Governor Nixon's election day victories mean for Missouri's economy.
The election sent markets on a roller coaster ride last week. The major indexes were up going into the election, but took a dive Wednesday and Thursday with the reelection of President Barack Obama and on fears of the looming fiscal cliff. Indexes rose a bit Friday, but not enough to make up for the major sell off, leading to the worst week for markets since June.
For the week, the Dow slid 297 points, dipping 2.1 percent. The NASDAQ fell 2.6 percent and the S&P 500 lost 38 points closing down 2.4 percent.
Here is a look at how local election results could impact missouri's economy in the next four years.
Governor Jay Nixon defeated Republican challenger, businessman Dave Spence, becoming the first Missouri governor to win reelection in 16 years.
Nixon ran largely on his economic record- citing balanced budgets, falling unemployment numbers and Missouri's AAA credit rating. According to his record, Missouri residents can expect to see minimal tax increases from Nixon in the next four years, as well as further tax cuts for businesses and few spending cuts. Nixon has said the state cannot count on spending cuts alone to balance the budget.
Democrat Senator Claire McCaskill won her race against Representative Todd Akin. McCaskill's campaign focused on her stance against wasteful spending and government earmarks. Based on her record, McCaskill is expected to vote for continued quantitative easing. The senator voted for the economic stimulus act in 2008 under Bush, as well as in 2009 under Obama. McCaskill is in favor of extending the Bush-era tax cuts for families earning up to $250,000 annually, but looks to raise taxes on those who make more than that.
Staying local, Columbia Mayor Bob McDavid broke the news Tuesday that Delta will depart Columbia Regional Airport for good come February of next year. The decision comes after a $3 million deal from the city brought American Airlines to the market.The city offered Delta a similar deal, but Delta declined.
"I personally believe the Delta decision to discontinue service to Columbia Regional Airport validates our initiative to seek more air service providers and more destinations," said Mayor McDavid at the city council meeting Tuesday evening. He said he is disappointed Delta did not accept the offer, but was not surprised.
Thanks to Veteran's Day, the bonds market and banks have Monday off. The stock market will be open, but it looks like it will be a very quiet holiday session.
President Obama said he'll take on the fiscal cliff this week. He invited Congressional Republican leaders to come to the White House and discuss ways of avoiding the cliff. More on that in next week's KOMU 8 Business Update.
Posted 8:58 AM 11/30/2015 by Miranda Craig and Chris Gothner, KOMU 8 Digital Producers
COLUMBIA - Boone County deputies arrested two people after a chase that led them into Callaway County early Monday morning.
According to the Boone County Sheriff's Department, the pursuit began at 3:09 a.m. after Columbia police attempted to stop 24-year-old Stephan M. Reed (More)
Posted 9:02 AM 11/30/2015 by Deja Shelby, KOMU 8 Reporter
COLUMBIA — With colder weather upon us, mid-Missouri residents may start to notice an array of brightly colored, domed-shaped beetles lurking in the corners of their homes.
But have no fear — these pests are harmless. They’re the Asian lady beetles, and like many other (More)
Posted 7:46 AM 11/30/2015 by The Associated Press
FERGUSON (AP) — The Major Case Squad of Greater St. Louis has been activated to investigate the death of a woman at a home in Ferguson.
KMOV-TV reports that police were called Saturday night to a home where a 23-year-old woman was found dead. Blood was found, but the cause of death has not been released.
Police said evidence suggests that the woman was the victim of a homicide.
Posted 4:53 PM 11/29/2015 by Alex Farkas, KOMU 8 News
COLUMBIA - Shoppers spent $10.4 billion at stores on Black Friday. However, according to Yahoo, sales at brick and mortar stores dropped more than $1 billion. One of the factors for the decrease is the increase in onlines sales.
This year, Cyber Monday sales are expected to increase 12 (More)
Adv. - more news below
Posted 7:04 AM 11/30/2015 by The Associated Press
ST. LOUIS (AP) — A teenager has been killed after being shot in the leg in north St. Louis.
Police said there was some kind of dispute between three men before the shots were fired around 12:30 a.m. Sunday. The teenager was shot in the leg by a suspect in his 60s.
The teen was (More)
Posted 7:01 AM 11/30/2015 by The Associated Press
KANSAS CITY (AP) — One person has been killed in a Kansas City shooting.
KMBC-TV reports that officers were dispatched around 1:15 a.m. Monday to a shooting. They found a man dead on a porch when they arrived.
Anyone with information is urged to come forward.
Posted 4:17 AM 11/30/2015 by The Associated Press
PERRYVILLE (AP) — A Perryville man faces multiple charges after attempting two robberies in the same night.
The Southeast Missourian reports that the charges against 51-year-old Danny Rue Sr. include attempted robbery, kidnapping, burglary, third-degree assault, unlawful (More)
Posted 5:25 PM 11/29/2015 by The Associated Press
STEWARTSVILLE (AP) - A northwest Missouri man is dead after pointing a weapon at law enforcement officers who were responding to a domestic disturbance.
The Missouri State Highway Patrol says the patrol and Dekalb County Sheriff's Department responded to a call near Stewartsville at 10:18 (More)
Adv. - more news below
Posted 4:16 PM 11/29/2015 by Eric Yount, KOMU 8 Digital Producer
COLUMBIA - Columbia police arrested a man who allegedly grabbed a 14-year-old relative by the hair for not wearing a hijab, a traditional Muslim headscarf.
The incident occurred on Tuesday at Hickman High School shortly before school was to let out for the day. Police say (More)
Posted 3:02 PM 11/29/2015 by James Packard, KOMU 8 Reporter
COLUMBIA - As the post-Thanksgiving shopping weekend winds down, Columbia small businesses were preparing Sunday for a rush of online shopping, largely dominated by big-name retailers, during Cyber Monday.
The National Retail Federation (NRF) says it created the term "Cyber Monday" in 2005 (More)