Posted: Nov 7, 2012 10:00 AM by Associated Press
NEW YORK (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.
PLEASE HELP US MODERATE COMMENTS
Offensive or inappropriate comments are subject to removal. To report a comment, please e-mail us at firstname.lastname@example.org, and include the name of the story and information on the comment.
Thank you! KSBY.com
Get deals up to 80% off here!
Find the lowest gas prices in your area
Submit your photos to KSBY
Check out our calendar of events
Watch Daybreak Web Videos in full
Save with Hot Deals across our counties!
Events across the Central Coast
Follow The CW5 on Facebook.
The KSBY online public file.
What do you think? Leave us your feedback.
KSBY is your official CA Lottery station for San Luis Obispo and Santa Barbara Counties