Brazilian Stocks Pare Losses After Lula Reelection; Ibovespa Down 14%
Brazil’s Ibovespa falls 14% after earlier dropping 17%, following President Lula da Silva’s reelection. A conservative-leaning Congress is seen as a likely deterrent to Lula’s spending.
1211 ET - Brazilian stocks pare deep losses in the wake of leftist President Lula Da Silva's reelection Sunday. The Ibovespa stock index falls 14%, after being down 17% earlier. A conservative-leaning Congress elected earlier this month is seen as a likely deterrent to Lula's spendthrift ways. "Lul…