oil prices markets effect on obamas winning 2012

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oil prices markets effect on obamas winning 2012

Dow ends down 313 points after Obama win

NEW YORK — Stocks ended sharply lower Wednesday, one day after the re-election of President Obama. The Dow Jones industrial average closed down about 313 points, or 2.4%.

Investor reaction is decidedly negative over the defeat of the more business-friendly Mitt Romney and the continued gridlock in Congress that makes it tough for lawmakers to avert a fiscal policy crisis by year-end.

The benchmark Dow remains below the psychologically significant 13,000, not seen since Aug. 3. The Standard & Poor's 500 index and Nasdaq composite index ended down 2.3% and 2.5%, respectively, with stocks in nearly every industry lower.

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The Dow, which settled at 12,933, had its lowest close since Aug. 2; the S&P 500 and Nasdaq had their lowest closes since Aug. 6.

Wall Street pros said negative sentiment was amplified Wednesday after European Central Bank President Mario Draghi expressed concerns ahead of the U.S. market open about the outlook for Europe's economies, especially Germany.

Others said much of the sell-off is coming from computerized trading programs, which trigger huge sell-offs of stocks at pre-set prices hit versus investors making decisions on the spot about what they think of a stock's outlook. One exception: Apple (AAPL) shares closed at $558.13, off 3.8% Wednesday. That puts the computer and gadget maker in correction territory, which is still about off 20% from its September intraday high $705.07 a share.

Worries over U.S. fiscal cliff, European debt push stocks lower

Shares on world markets slumped and the euro slid further on Wednesday as investors worried that the fiscal challenges facing U.S. President Barack a day after his re-election could lead to a new recession.

Fresh concerns about Europe’s debt crisis and economic weakness added to the jitters among investors, who scrambled for safer assets. Benchmark U.S. Treasury yields were set for their biggest one-day fall since May.