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November 7th, 2012
09:22 PM ET

Markets tank after Obama victory: Investors concerned with looming fiscal cliff

The day after President Barack Obama wins a second term, the Dow has its worst day in a year.  The Dow finished the day down nearly 313 points. For the first time in three months, it closed below 13,000.  The S&P and Nasdaq both fell nearly 2.5%.

How much is the election to blame for the drop?

Outfront tonight: Michael Farr – Author of "Restoring Our American Dream: The Best Investment."
Stocks plunge 2%, Dow below 13,000

A sell-off on Wall Street gained momentum Wednesday, with the Dow falling below 13,000 for the first time in three months, as investors focused on how President Obama plans to avoid the fiscal cliff after he won re-election Tuesday night.

A weak outlook for economic growth in Europe and European Central Bank president Mario Draghi's warning of a slowdown in Germany also weighed on the market.

The steep selling put all three major U.S. indexes on pace for one of their worst days this year.

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Filed under: Markets • News • Politics
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