Stocks plunge after election; Europe woes deepen

Stocks plunge after election; Europe woes deepen

Credit: Getty Images

NEW YORK, NY - NOVEMBER 07: Traders work on the floor of the New York Stock Exchange November 7, 2012 in New York City. The Dow Jones lost 167 points as the Standard & Poor's 500 index lost 19 point after President Barack Obama won a re-election. ~hard-pressed flooding contingencies. (Photo by Allison Joyce/Getty Images)

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wwltv.com

Posted on November 7, 2012 at 11:56 AM

AP - Investors are dumping stocks as they turn their focus to a world of problems now that the election is over -- tax increases and spending cuts that could stall the nation's recovery and a deepening recession in Europe.
 
The Dow Jones industrial average plunged 328 points to 12,916 at midday Wednesday. The Dow was on track for its worst decline in a year.
 
The Standard & Poor's 500 index lost 36 points to 1,391. The Nasdaq composite fell 78 points to 2,933.
 
Energy companies and banks took big losses. Both industries presumably would have faced lighter regulation if Mitt Romney had won.
 
Stocks seen as benefiting from President Barack Obama's decisive win rose. They included hospitals, free of the threat that Romney would have rolled back Obama's health care law.

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