Stocks in the United States have plummeted the day after an historic victory by Barack Obama in the US presidential election.
A fresh batch of dismal economic data issued on Wednesday underscored the massive challenges awaiting his administration.
The Dow Jones industrial average slid 486.01 points, or 5.05%, to 9,139.27.
Standard & Poor's 500 Index plunged 52.98 points, or 5.27%, to close at 952.77. The Nasdaq Composite Index lost 98.48 points, or 5.53%, to 1,681.64.
The Dow rose 3.28% and the Nasdaq by 3.12% on Election Day as investors hoped that a new president would bring relief from the global financial crisis.
In economic news:
A report from ADP Employer Services showed deep cuts in employment by private employers in October. The service sector also contracted sharply last month.
Job cuts last month were the deepest in six years and planned layoffs rose to their highest in nearly five years.
The Institute for Supply Management said the US service sector contracted sharply in October.
More employment data is due on Friday.
Trading was muted on the New York Stock Exchange, with about 1.31 billion shares changing hands - below last year's estimated daily average of roughly 1.9 billion.
About 2.19 billion shares were traded on the Nasdaq - slightly above last year's daily average of 2.17 billion.
European stock markets also closed lower on Wednesday as the focus shifted back to global economic growth after the election.
