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Dow Average Tumbles Most in 1 Year After Presidential Elections

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U.S. stocks slumped, giving the Dow Jones Industrial Average its biggest decline in a year, as investors’ focus turned to the budget debate and Europe’s debt crisis following President Barack Obama’s re-election.

All 10 groups in the Standard & Poor’s 500 Index fell as financial shares had the biggest losses. Bank of America Corp. and JPMorgan Chase & Co. slumped at least 5.6 percent. Peabody Energy Corp. and Alpha Natural Resources Inc. slid more than 9.6 percent on bets Obama’s re-election will mean more regulation for the coal industry. Apple Inc. retreated 3.8 percent, extending a plunge from its September high to 21 percent.