Stocks Plunge As Investors Peer Into The Future

NEW YORK (November 7, 2012)--Stocks closed with their worst one-day loss of the year Wednesday as investors looked past the election and focused on big problems ahead in Washington and in Europe.

The Dow Jones industrial average plunged 313 points to end the day at 12,933 Wednesday, its worst day of 2012.

The Standard & Poor's 500 index fell 34 points to close at 1,395.

The Nasdaq composite index gave up 75 points to end the day at 2,937.

American voters returned a divided government to power and left investors worrying about tax increases and spending cuts that could stall the economy unless Congress acts.

In Europe, leaders warned that unemployment could remain high for years.

The losses were broad.

Falling stocks overwhelmed rising ones five-to-one on the New York Stock Exchange where volume was heavier than usual at 4.3 billion shares.

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