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Stock retreat persists

Nov. 8, 2012 at 5:46 PM

NEW YORK, Nov. 8 (UPI) -- Stocks dropped in New York Thursday, as investors remained skittish after President Obama's re-election victory.

The Dow Jones industrial average gave up more than 300 points Wednesday to fall below 13,000 as investors were bearish on election results that left Washington split with a Democratic president and Senate, and a Republican-controlled House.

On Thursday, the Commerce Department said the U.S. trade deficit shrank in September, dropping from a revised August trade gap of $43.8 billion to $41.5 billion.

Stocks still fell. By close of trading, the DJIA was off 121.41 points or 0.94 percent to 12,811.32.

The Nasdaq composite index shed 41.70 points or 1.42 percent to 2,895.58. The Standard and Poor's 500 index dropped 17.02 or 1.22 percent to 1,377.51.

On the New York Stock Exchange, 820 stocks advanced and 2,248 declined on a volume of 3.7 billion shares traded.

The benchmark 10-year treasury rose 15/32 to yield 1.619 percent.

The euro fell to $1.2742 from Wednesday's $1.2771. Against the yen, the dollar fell to 79.48 yen from 80 yen.

In Tokyo, the Nikkei 225 index lost 1.51 percent, 135.74 points, to 8,837.15.

In London, the FTSE 100 index shed 0.27 percent, 15.58, to 5,776.05.

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