Dow, Nasdaq drop after election night - NEWS10 ABC: Albany, New York News, Weather, Sports

Dow, Nasdaq drop after election night

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ALBANY, N.Y. - Wall Street greeted a second Obama term the way it greeted the first, with investors dumping stocks in the sharpest sell-off of the year.

The Dow closed at 12,932.73, down 312.95 points, or 2.4 percent. The S&P 500 also dropped 2.4 percent to 1,394.54 while the Nasdaq Composite fell 2.5 percent to 2,937.29.

Frantic selling recalled the days after Obama's first victory, as the financial crisis raged and stocks spiraled downward.

There are a lot of factors playing into this shift, tax hikes that are expected to affect your investments starting in 2013, how well congress can work together over the next four years and even the volatility in Europe.

To put things in perspective, even with Wednesday's drop, the Dow was still up 6 percent for the year.

Four years ago, the Dow suffered one of its worst point drops ever the day after President Obama's election.  The Dow dropped 486 points, more than 5 percent, to settle at 9139.27.  The Dow was 40 percent higher since then.

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