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.”

A trader works on the floor of the New York Stock Exchange the day after Pres. Barack Obama was re-elected, Wednesday, Nov. 7, 2012 in New York. With President Barack Obama elected to another term, U.S. investors dumped stocks Wednesday and turned their focus to a world of problems, including a "fiscal cliff" of tax increases and spending cuts at home and a deepening recession in Europe.(AP Photo/Henny Ray Abrams)

A trader works on the floor of the New York Stock Exchange the day after Pres. Barack Obama was re-elected, Wednesday, Nov. 7, 2012 in New York. With President Barack Obama elected to another term, U.S. investors dumped stocks Wednesday and turned their focus to a world of problems, including a "fiscal cliff" of tax increases and spending cuts at home and a deepening recession in Europe.(AP Photo/Henny Ray Abrams)

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