US stock markets opened drastically lower on Wednesday following the reelection of President Barack Obama over fears of the looming fiscal cliff.
The US stock market indices fell on opening bell with the Dow Jones Industrial Average dropping 1.84 percent to 13,002.50, the S&P 500 tumbling 1.88 percent to 1,401.59, and NASDAQ plunging 1.93 percent to 2,953.87.
This comes after Obama won a clear victory over Republican challenger Mitt Romney for another four-year presidential term on Wednesday.
Moreover, Congress remains the same after the election results, with a bipartisan split as Democrats hold onto the majority in the Senate, and Republicans keep control over the House of Representatives.
With Obama’s reelection and the Democrat Party retaining a majority in Senate, experts anticipate partisan deadlocks between branches of government and within the two houses of Congress.
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