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Economy
Market Meltdown
2012-11-07
U.S. stocks dived on Wednesday, with the Dow Jones Industrial Average sinking more than 300 points, as anxiety about the so-called fiscal cliff hit investors in the wake of the re-election of President Barack Obama who will face once again a divided Congress.

"Our base-case scenario is the fiscal cliff is now the base-case scenario," said Dan Greenhaus, chief global strategist at BTIG LLC.

"Today with Obama being re-elected, people are saying 'wait a second, this is a real possibility,'" said Greenhaus of the more than $600 billion in tax hikes and spending cuts scheduled to take effect in January should Congress fail to reach a budget agreement
Posted by:Au Auric

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