Stocks added to sharp declines across the board Wednesday in the wake of President Barack Obama’s re-election, triggered by worries over the looming “fiscal cliff” and as fears over Europe’s economy reemerged.

The Dow broke below 13,000 for the first time since early August, while the S&P 500 traded near 1,400, both significant psychological levels.

“I don’t think there’s a long-term market reaction to the presidential election itself—it’s now how quickly we can focus on the ‘fiscal cliff’ and coming up with a resolution,” said Art Hogan, managing director of Lazard Capital Markets.(Read More: For Investors, More Fed Easing, Cliff ‘Heart Attack’ Aw