Wall Street drops more than 2 percent

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November 8, 2012 3:14 AM EST

U.S. stocks extended losses, with all three major stock indexes dropping more than 2 percent and the S&P 500 falling below 1,400 for the first time since September 4 on Wednesday, a day after the re-election of President Barack Obama, as comments by European Central Bank President Mario Draghi weighed on sentiment.

The Dow Jones industrial average <.DJI> was down 292.25 points, or 2.21 percent, at 12,953.43. The Standard & Poor's 500 Index <.SPX> was down 31.18 points, or 2.18 percent, at 1,397.21. The Nasdaq Composite Index <.IXIC> was down 69.60 points, or 2.31 percent, at 2,942.33.

(Reporting by Caroline Valetkevitch; Editing by Bernadette Baum)

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Copyright 2012 Thomson Reuters. All rights reserved.

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