Dow Breaks 13,000 on 'Fiscal Cliff,' EU Fears

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cnbc.com:

 

http://www.cnbc.com/id/49725783

 

Dow Breaks 13,000 on 'Fiscal Cliff,' EU Fears

 

Published: Wednesday, 7 Nov 2012 | 10:47 AM ET

 

By: JeeYeon Park

CNBC.com Writer

 

Stocks added to sharp declines across the board Wednesday in the wake of President Barack Obama's re-election, triggered by worries over the looming "fiscal cliff" and as fears over Europe's economy reemerged.

 

The Dow dipped below 13,000 for the first time since early August, while the S&P 500 traded near 1,400, both significant psychological levels.

 

Wall Street had favored Romney and the Republican ticket in part because it preferred their approach of retaining tax cuts, and making spending cuts. The Obama Administration favors raising taxes on the richest Americans, and also increasing capital gains and dividend taxes. (Read More: Fixing 'Fiscal Cliff' Will Mean 'High, Higher' Taxes)