Stocks plunge after election; Europe woes deepen

Published: Wednesday, Nov. 7, 2012 10:56 a.m.CDT • Updated: Wednesday, Nov. 7, 2012 10:57 a.m.CDT

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.

Energy companies and banks took big losses. Both industries presumably would have faced lighter regulation if Mitt Romney had won.

Stocks seen as benefiting from President Barack Obama's decisive win rose. They included hospitals, free of the threat that Romney would have rolled back Obama's health care law.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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