NEW YORK, Nov. 8 (Xinhua) -- U.S. markets tumbled on Wednesday after incumbent President Barack Obama won the 2012 presidential race. Investors struggled in uncertainties as they set aside the politics and re-focused on the policy future and growth prospectives.
FISCAL CLIFF LOOMS
Wall Street appeared unhappy about Obama's re-election as all three major indexes fell over 2 percent and oil plunged over 4 percent on the first post-election day.
"I am happy that the uncertainty about the elections have been removed, but what is going to happen now is still uncertain," said Raymond Carbone, president of Paramount Options.
He said Wednesday's tumble for oil as well as equities was mainly a reflection of fears for a possible "fiscal cliff" that was looming in Obama's second term.
Rating agencies on Wednesday urged Obama to move quickly to avoid the "fiscal cliff," warning that failure to address the issue would likely result in a downgrade in 2013.
Moody's said it would make a decision following the budget negotiations, though going over the "fiscal cliff" would not immediately trigger a downgrade.
Landmark building should respect the public's feeling
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