U.S. stocks end sharply down as economy overshadows election

Date: Wed, 05 Nov 2008 17:01:30 -0500
U.S. stocks end sharply down as economy overshadows election

U.S. stocks give back the largest Election Day gains in more than two
decades, as investors looked beyond President-elect Barack Obama's
historic win to the
dismal state of the economy.

CISCO REPORTS 8% JUMP IN SALES, FLAT QUARTERLY PROFIT

Cisco Systems Inc. reports an 8% jump in fiscal first-quarter sales,
but its net income is flat.

WORLD AWAITS OBAMA'S RESPONSE TO ECONOMIC CRISIS

Victory may be sweet, but a potentially deep U.S. recession and a
global financial crisis will give Democrat Barack Obama little time to
bask in the after glow of his historic win in the U.S. presidential
election, economists say.

BOND INSURERS AMBAC, MBIA REPORT WIDER QUARTERLY LOSSES

Ambac Financial and MBIA Inc. lose at least a fifth of their market
value after reporting bigger-than-expected quarterly losses from
exposures to complex credit derivatives linked to the sagging housing
market.