Canadian stock market slumps after Obama's re-election win

TORONTO, Nov. 7 (Xinhua) -- The Canadian stock market on Wednesday saw its biggest one-day drop in more than two weeks as investors reacted gloomily to news of the re-election victory of U. S. President Barack Obama and the significant earnings misses in some resource and industrial stocks also weighed the market down.

The benchmark S&P/TSX Composite Index slumped 130.61 points, or 1.06 percent, at 12,230.59, its lowest closing level in nearly two weeks while the S&P/TSX Venture Composite Index fell 12.43 points, or 0.95 percent, at 1,292.71.

Even though another four years under U.S. President Barack Obama is seen by some experts as a plus for the American economy, but the potential for ongoing political gridlock with a Republican- controlled House and the critical fiscal challenge weighed on market Wednesday.

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