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US markets open weaker

Barack Obama's thumping win did not have a major impact on his country's stock markets as key indices opened weaker by one per cent.

business Updated: Nov 06, 2008 02:15 IST

Barack Obama's thumping win did not have a major impact on his country's stock markets as key indices opened weaker by one per cent.

All the three main indices --Dow Jones Industrial Average S&P 500 and Nasdaq Composite-- declined about one per cent in early morning trade.

Disappointing corporate results overshadowed expectations of new measures to boost the crisis-ridden economy from the newly elected President Barack Obama.

After rallying over three per cent on Tuesday, the Dow was down one per cent at 9,526.76 points.

S&P which had closed above the 1,000 level on Tuesday, was trading at 995.91 points while Nasdaq Composite fell 1.34 per cent to 1,754.94 points.

Finance firm GMAC which is partly owned by auto major General Motors, posted a loss of 2.52 billion dollars for the third quarter.

Media conglomerate Time Warner recorded a declined third quarter profit and also slashed its full year outlook. The firm posted a profit of 1.07 billion dollars as compared to 1.09 billion dollars in the same period a year-ago.

Elsewhere, Asian markets surged by up to three per cent following Obama winning the Presidential polls. European bourses were trading in the red.