US markets decline after Obama wins US election

November 5th, 2008 - 11:31 pm ICT by IANS  

Barack ObamaNew York, Nov 5 (DPA) Major US stock indices fell on opening Wednesday after the election of Democrat Barack Obama as the next president of the US.The blue-chip Dow Jones Industrial Average was down 1.4 percent at 1508 GMT, while the broader Standard & Poor’s 500 fell 1.19 per cent. The technology-heavy Nasdaq Composite Index dropped 1.23 per cent.

Obama celebrated a resounding victory over Republican John McCain Tuesday night after an election campaign that was dominated by concerns over the credit crisis and faltering US economy.

Wall Street stocks soared Tuesday in the largest presidential election day rally since 1984, with the Dow gaining more than 300 points.

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