US stocks fell on Wednesday as worries about the weakening global economy returned to centre stage just a day after the historic US presidential election. President-elect Barack Obama was immediately faced with gloomy economic news, including reports showing deep cuts in employment by private employers, possibly foreshadowing weakness in the government's employment report on Friday.
Other data showed companies planned layoffs at the highest level in nearly five years. Boeing Co was the biggest drag on the Dow, falling 7 percent, after more delays for its key 787 Dreamliner. The Dow Jones industrial average fell 265.63 points, or 2.76 percent, to 9,359.65. The Standard & Poor's 500 Index lost 28.28 points, or 2.81 percent, to 977.47. The Nasdaq Composite Index gave up 52.56 points, or 2.95 percent, at 1,727.56.
The day's declines came on the heels of Tuesday's more than 3 percent rally, the biggest Election Day advance ever. But stocks remain at multi-year lows after being battered by worries over the economic picture, fallout from the credit crunch and the effect of corporate profits.
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