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U.S. stocks slide as Europe slashes growth forecast

By The Associated Press

This article was originally published November 7, 2012 at 8:47 a.m. Updated November 7, 2012 at 10:55 a.m.

the-curve-of-the-german-stock-index-dax-is-pictured-as-news-about-the-us-election-appears-on-a-television-screen-at-the-stock-market-in-frankfurt-on-wednesday-nov-7-2012

The curve of the German stock index DAX is pictured as news about the U.S. election appears on a television screen at the stock market in Frankfurt on Wednesday, Nov. 7, 2012.

The election behind them, U.S. investors dumped stocks Wednesday and turned their focus to a world of problems — tax increases and spending cuts that could stall the nation’s economic recovery and a deepening recession in Europe.

The Dow Jones industrial average plummeted as much as 369 points, or 2.6 percent, in the first two hours of trading. The average was on track for its worst decline in a year.

The Standard & Poor’s 500 index fell as much as 40 points, or 2.8 percent.

U.S. stock futures were higher overnight after Obama cruised to victory. They turned sharply lower after the European forecasts and discouraging comments from Mario Draghi, president of the European Central Bank. European markets turned negative as well.

Read tomorrow's Arkansas Democrat-Gazette for full details.

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Capitalist12 says... November 7, 2012 at 12:07 p.m.

I am sure it is merely coincidental that Obama is elected and the market plunges. I am holding on to my money for another 4 years.

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HOTDEMN says... November 7, 2012 at 1:50 p.m.

The market plunged for a number of reasons. A very large number of investors were counting on a trained venture capitalist getting into the White House thus insuring the continuance of the unregulated rape of the economy by unscrupulous individuals and companies. They now realize that the free lunch is over for at least 4 more years and the game has changed on wall street. The market will recover in a few weeks as people figure out the new landscape and the right wing hysteria dies down. However since many corporations and billionaires had their asses handed to them on Tuesday you can be sure that they will exact some retribution on the country for foiling their plans for financial conquest. It will be up to the American people to recognize who exactly is depressing the market for their own gains and to deal with them accordingly.

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