(NEW YORK) — U.S. stocks took a pounding Wednesday as investors shifted their attention from the election to challenges facing the economy both here and in Europe.
The Dow closed at 12,932.73, down 312.95 points, or 2.4 percent. This was the biggest point drop for the Dow since November 2011.
Four years ago the Dow suffered one of its worst point drops ever on the day after President Obama’s election. The Dow dropped 486 points back then, more than five percent to settle at 9,139.27. The Dow is up more than 40 percent since then.
Even with Wednesday’s drop the Dow is still up six percent for the year.
Worries about the looming fiscal cliff and Europe seem to be behind Wednesday’s drop.
The Nasdaq and S&P lost 75 and 34 points, respectively.
Copyright 2012 ABC News Radio
Brian Stelter, CNN Money
Jeff Wuorio, Deseret News