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.”

Traders work 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)

Traders work 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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