U.S. Markets Down After Obama Re-election

Category: Markets / Finance / Nov 07, 2012 12:19PM EDT
U.S. stocks fell on Wednesday (November 7) in the wake of Barack Obama's re-election as president. Also, comments by European Central Bank President Mario Draghi underscored the weakness in Europe's economy. Concerns persisted whether Obama could reach a timely deal with Republican lawmakers to avert the "fiscal cliff" -- the $600 billion in automatic tax hikes and spending cuts set to kick in on January 1. Economists warned such a move would tip the world's biggest economy into a recession. The Dow Jones industrial average was down 118.58 points, or 0.90 percent, at 13,127.10. The Standard & Poor's 500 Index was down 13.99 points, or 0.98 percent, at 1,414.40. The Nasdaq Composite Index was down 38.66 points, or 1.28 percent, at 2,973.27.