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Old 11-08-2012, 01:59 AM   #1
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Default Dow closes below 13,000 for first time since August

Now this might have been reported elsewhere but thought it deserved its own thread and since I do not see it on the first full page of WRP posts. here it is..

JeeYeon Park , CNBC

Dow closes below 13,000 for first time since August

Stocks took a sharp nosedive in a post-election selloff Wednesday, with the Dow logging its biggest decline in nearly a year, prompted by concerns over the looming "fiscal cliff" and amid renewed worries over Europe's weak economy.

The Dow closed below 13,000 for the first time since early August, while the S&P 500 finished below 1,400. (Read More: Top Post-Election Market Declines)

“It’s now how quickly we can focus on the ‘fiscal cliff’ and coming up with a resolution—that's certainly the next item on the agenda for the market,” said Art Hogan, managing director of Lazard Capital Markets. "And you still have Europe."

The Dow Jones Industrial Average was down more than 300 points in its biggest one-day drop in almost a year, dragged heavily by Bank of America and JPMorgan.

The S&P 500 and the Nasdaq also finished sharply lower. The CBOE Volatility Index, widely considered the best gauge of fear in the market, jumped near 19.

All key S&P sectors ended firmly in the red, led by energy and financials.

Apple fell more than 3 percent, pushing the tech giant down a jaw-dropping 20 percent from its all-time high of $705.07 in mid-September. The stock is now trading in bear market territory.

Obama was re-elected president Tuesday night, put over the top by the crucial battleground state of Ohio following the most expensive election in U.S. history.

Meanwhile, ratings agency Fitch said Obama needs to move quickly to avoid the "fiscal cliff," adding that failure to address the issue would likely result in a downgrade in 2013. Moody's said it would make a decision following the budget negotiations, though going over the "fiscal cliff" would not immediately trigger a downgrade.

Wall Street had favored Romney and the Republican ticket in part because it preferred their approach of retaining tax cuts, and making spending cuts. The Obama Administration favors raising taxes on the richest Americans, and also increasing capital gains and dividend taxes. (Read More: Fixing 'Fiscal Cliff' Will Mean 'High, Higher' Taxes)
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