U.S. stocks opened sharply lower after President Barack Obama's reelection, as investors quickly turned their attention towards the upcoming fiscal fight in Congress.
The Dow Jones Industrial Average shed 167 points, or 1.3%, to 13076. That was enough to erase the previous day's strong advance, and came after volatile movements in the overnight stock futures market.
The Standard & Poor's 500-stock index lost 19 points, or 1.3%, to 1410 and the Nasdaq Composite declined 37 points, or 1.2%, to 2975.
Leading the declines were telecommunications and energy stocks. AT&T fell 4% and Verizon Communications dropped 1.9%. Exxon Mobil declined 1.8% and Chevron lost 1.7% as crude oil futures tumbled.