US stocks dive as 'fiscal cliff' looms

Written By Unknown on Rabu, 07 November 2012 | 23.48

US stock markets have tumbled in early trade after President Barack Obama's re-election victory set up a tough battle with Republicans over a looming "fiscal cliff".

In the first six minutes of trade on Wednesday, the Dow Jones Industrial Average dropped 197.98 points (1.49 per cent) to 13,047.70.

The broad-based S&P 500 fell 21.28 (1.49 per cent) to 1,407.11, while the Nasdaq Composite shed 41.87 (1.39 per cent) at 2,970.06.

Obama won a resounding victory over Republican challenger Mitt Romney in a closely fought race late Tuesday.

But voters left Congress divided, with Democrats maintaining the Senate and Republicans holding the House of Representatives.

"Focus now shifts to the upcoming fiscal cliff of tax increases and spending cuts that go into effect in 2013 unless a budget compromise is met by Congress," said Wells Fargo analysts.

"By returning a divided government to Washington, the electorate has given neither party a clear mandate to address the lacklustre recovery, the fiscal cliff, and the looming debt crisis," said Brian Kessler at Moody's Analytics.


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