Stocks plunged nearly 2.7% following President Obama's reelection, as the so-called fiscal cliff took center stage as a threat to the U.S. economy.
The Dow Jones industrial average fell a 354 points, or 2.67%, about two hours after the opening bell on Wall Street. The Dow slid below 13,000 for the first since early August.
The broader Standard & Poor's 500 index fell 34 points, to 2.4%, to 1,395. The Nasdaq was down 70 points, or 2.3%, to 2,942.
Obama's reelection -- and with the House remaining in Republican control -- could mean continued deadlock in Washington as the federal government faces automatic spending cuts and tax increases at the year's end. Economists have warned the fiscal cliff, if unresolved, could push the U.S. back into recession.