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Wall Street drops after Election Day big rally

(Xinhua)
Updated: 2008-11-05 23:57

NEW YORK  -- Wall Street opened lower Wednesday, as investors refocused on the weak economy after Barack Obama's landmark election to the White House on Tuesday.

A trader talks on the phone as he works on the floor of the New York Stock Exchange November 5, 2008. [Agencies]

Wall Street saw some profit-taking Wednesday, following the biggest Election Day rally in 24 years. Obama's victory was not a surprise to the market but removed some uncertainty from it.

ADP Employer Services reported Wednesday that companies in the United States cut 157,000 jobs in October, the largest cut in nearly six years, beating previous estimates.

Investors also awaited a report on the nation's service sector due at 10 a.m. EST (1500 GMT). The US Institute for Supply Management is expected to report that the service sector shrank in October, after revealing the worst contraction in manufacturing sector activity in 26 years.

On the plus side, the London Interbank offered rate, or Libor, for three-month dollar loans fell to 2.51 percent Wednesday from 2.71 percent Tuesday.

The Dow Jones fell 148.54 to 9,476.74. Broader indexes also declined. The Standard & Poor's 500 index dipped 17.56 to 988.19, and the Nasdaq fell 28.41 to 1,751.71.