Morning After Markets

First Takeaway: After a powerful Election Day rally, stocks are heading for a quieter day today in the wake of Barack Obama's resounding victory.

Asian markets were sharply higher: Tokyo closed up 4.4 percent, Hong Kong was up 3.2 percent, and Singapore ended 2.6 percent. At midday, European markets are down, and the U.S. stock-index futures are pointing to a lower opening.

The U.S. dollar climbed in value against the euro and the British pound.

The gains in stocks and in the dollar are on hopes for change under a President Obama, but there are still more than two months left with you know who in charge. It will be President Bush who heads a summit meeting of 20 world leaders on the economic crisis on November 15.

In other news in today's papers:

The Federal Communications Commission has approved a plan to open up a chunk of the wireless spectrum, known as white spaces, for public use. (Washington Post)

The yield curve is getting steeper, a sign that a recovery will take a long time. (Wall Street Journal)

Economist Edmund Phelps contends that we should all not be Keynesians now. (Financial Times)

The layaway plan is making a comeback. (Los Angeles Times)

Companies are coming under pressure to disclose information about layoffs on blogs. Not every company, of course. ( New York Times)