Stocks Plunge in Obama Reelection Aftermath
World | November 7, 2012, Wednesday // 17:49| views
US President Barack Obama celebrates after delivering remarks during his election night victory party at McCormick Place in Chicago, Illinois, USA 06 November 2012. Photo by EPA/BGNES
US stocks opened sharply lower Wednesday following the re-election of President Barack Obama.
Within minutes of the opening bell, the Dow Jones industrial average was down nearly 200 points, USA Today informs.
The broader Standard & Poor's 500 index lost 21 points, or 1.5%, to 1,407. The Nasdaq was down 41 points, or 1.4%, to 2,971.
Investors' initial reaction is decidedly negative over the defeat of GOP candidate Mitt Romney who is considered more business-friendly than his opponent.
Investors also believe that the continued gridlock in Congress that will make it tough for lawmakers to avert a fiscal policy crisis by year-end.
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