iradiophilly | News - New Jersey Takes Over Atlantic City; Nazi Graffiti in South Philly; Stock Markets Rally on Wednesday

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New Jersey Takes Over Atlantic City; Nazi Graffiti in South Philly; Stock Markets Rally on Wednesday

by: iradioal - Philadelphia, PA
started: 11/09/16 7:59 pm | updated: 11/09/16 7:59 pm

The state of New Jersey has now taken power over the struggling Atlantic City. The New Jersey Local Finance Board voted 5-0 Wednesday to take over the city's main governmental functions. The state Department of Community Affairs rejected the city's proposed 5-year financial turnaround plan presented last week. It will have control of city finances, sale of city assets, labor contracts, elected officials, and City Council. The takeover will last 5 years. Timothy Cunningham, head of the finance board, will oversee the city unless he appoints someone else. The state does not have the authority over bankruptcy for the city.

Police are investigating after several Nazi related messages were spray painted on windows in South Philadelphia overnight Wednesday. The vandalism occurred on the windows of the former Meglio Furs store along Broad Street at Wharton. One swastika was drawn to be the "T" in "TRUMP." Another swastika was drawn with the Nazi salute "Seig Heil." A few blocks away at 6th and Carpenter in Queen Village someone painted "Trump Rules" on a wall. The graffiti was quickly washed away. Hillary Clinton took 82% of the vote in the City of Philadelphia to President-elect Trump's 15%.

Very early Wednesday morning, when it became clear that Donald Trump was about to secure the presidency, stock markets around the world reacted negatively. Our own indices (closed at the time) took large dives in futures trading. The Dow Jones futures were down 800 points. The S&P futures even halted after a 5% sell off. It was compared to the reaction to the Brexit vote earlier this year. However, Wall Street rallied on Wednesday. Global markets rebounded. Pharmaceutical firms, defense and mining companies led the charge. The Dow finished up 257 pts and the Nasdaq 58 pts. The S&P ended today up 1.11%

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