Markets Plummet in Wake of Election

The Dow falls more than 300 points, the worst one-day drop in nearly a year.
3:00 | 11/07/12

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Transcript for Markets Plummet in Wake of Election
Zblifl as we said, after the big speeches last night, there was a jolt of reality today. Wall street plummeted, a one-day drop that was the worst in nearly a year. The dow down more than 300 points. Was it the election? Was it worry about grid lock in washington all over again? Abc's bianna golodryga has some answers. Reporter: Wall street woke up this morning to the same president, but no worries. Europe's debt crisis appears to be getting worse. There was rioting in greece today over new budget cuts and word that even europe's strongest economy, germany, is in trouble. But quickly investors turned back to our looming problem, the road we're on to the so-called fiscal cliff at the end of the year. 650 billion of combined spending cuts and tax cuts expiring automatically. Wall street's selloff led to a loss of $300 billion in market value. Late this evening, greece passed its budget costs and that may ease concerns tomorrow morning on wall street. But until we have certainly about the rest of europe and most importantly, our own fiscal cliff, diane, we should be prepared for more days like this ahead. Okay, thank you, bianna.

This transcript has been automatically generated and may not be 100% accurate.

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