US stock losses hit 2% after Obama win

US stock markets dived two per cent Wednesday after President Barack Obama’s re-election victory set up a tough battle with Republicans over the looming “fiscal cliff”.

After opening sharply lower, losses on the stock indices accelerated in a tsunami of red ink.

The Dow Jones Industrial Average was down 291.49 points (2.20 per cent) at 12,954.19 at 1600 GMT.

The broad-based S&P 500 fell 31.64 (2.22 per cent) to 1,396.75, while the Nasdaq Composite shed 68.17 (2.26 per cent) at 2,943.76.

via Business feed http://www.scmp.com/business/economy/article/1077434/us-stock-losses-hit-2-after-obama-win