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.