Stocks plunge after election
NEW YORK – Investors are dumping stocks as they turn their focus to a world of problems now that the election is over – tax increases and spending cuts that could stall the nation's recovery and a deepening recession in Europe.
The Dow Jones industrial average plunged 328 points to 12,916 at midday Wednesday. The Dow was on track for its worst decline in a year.
The Standard & Poor's 500 index lost 36 points to 1,391. The Nasdaq composite fell 78 points to 2,933.
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