Stocks take post-election hit

NEW YORK, Nov. 7 (UPI) -- U.S. stock indexes dropped sharply Wednesday in a quick reaction to the national election, dipping below 13,000.

Overall, economic reactions appeared mixed. The price of December delivery crude oil lost 4.8 percent to close under $85 per barrel. Gold prices were held steady, as President Obama's re-election victory was seen as the more likely outcome that would lead to a new round of quantitative easing.

The dollar index climbed 0.19 percent on the International Exchange.

By close of trading, the Dow Jones industrial average, which added 133.24 points Tuesday, was off 312.95 points or 2.36 percent to 12,932.73.

The Nasdaq composite index gave up 74.64 points or 2.48 percent to 2.937.29. The Standard and Poor's 500 index shed 33.86 points or 2.37 percent to 1,394.53.

On the New York Stock Exchange, 585 stocks advanced and 2,493 declined on a volume of 4.3 billion shares traded.

The benchmark 10-year treasury rose 31/32 to yield 1.648 percent.

The euro fell to $1.276 from Tuesday's $1.2815. Against the yen, the dollar fell to 79.94 yen from 80.36 yen.

In Tokyo, the Nikkei 225 index lost 0.03 percent, 2.26 points, to 8,972.89.

In London, the FTSE 100 index dropped 1.58 percent, 93.27 points, to 5,791.63.