Stocks down on Obama re-election

Stocks plummeted as President Obama's re-election reinforced fears that a battle over higher taxes will drive the U.S. economy over the “fiscal cliff.”

James Dresch of MND Partners Inc. works on the floor of the New York Stock Exchange the day after President Obama was re-elected, Wednesday, Nov. 7, 2012, in New York. (AP Photo/Henny Ray Abrams)

James Dresch of MND Partners Inc. works on the floor of the New York Stock Exchange the day after President Obama was re-elected, Wednesday, Nov. 7, 2012, in New York. (AP Photo/Henny Ray Abrams)

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