Stocks Plunge in Obama Reelection Aftermath

World | November 7, 2012, Wednesday // 17:49
Bulgaria: Stocks Plunge in Obama Reelection Aftermath 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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Tags: stocks, Barack Obama, election, reelection, wall street, investors

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