Dow, S&P 500 close at lowest levels since early August

November 7th, 20129:44 pm @

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NEW YORK |
Wed Nov 7, 2012 4:13pm EST

NEW YORK (Reuters) – Stocks fell sharply on Wednesday, with the Dow losing more than 300 points and all major indexes dropping more than 2 percent in the wake of the presidential election as the looming congressional debate over avoiding the fiscal cliff and Europe’s economic troubles returned to the forefront.

The Dow Jones industrial average .DJI lost 312.95 points, or 2.36 percent, to close unofficially at 12,932.73. The Standard Poor’s 500 Index .SPX fell 33.86 points, or 2.37 percent, to finish unofficially at 1,394.53. The Nasdaq Composite Index .IXIC was down 74.64 points, or 2.48 percent, to close unofficially at 2,937.29.

The SP 500 posted its biggest daily drop since June 21, with all 10 SP sectors solidly lower and more than 80 percent of stocks on both the New York Stock Exchange and Nasdaq ending in negative territory.

(Reporting by Angela Moon; Editing by Jan Paschal)

Article source: http://feeds.reuters.com/~r/reuters/businessNews/~3/FyoHYcx_G70/us-markets-stocks-idUSBRE89T0LN20121107