Stocks Open Lower After Obama Win

Stocks fell at the open on Wednesday, putting the S&P 500 on track to snap a two-day advance in the wake of Barack Obama’s presidential election victory. The Dow Jones Industrial Average lately shed 175.48 points, or 1.32%, to 13,070.20. The S&P 500 index dropped 18.32 points, or 1.28%, to 1,410.07. The Nasdaq Composite lost 35.66 points, or 1.18%, to 2,976.27.

Greece’s fragile coalition government faces its toughest test so far when lawmakers vote Wednesday on new painful austerity measures demanded to keep the country afloat, on the second day of a nationwide general strike.

Macy’s Inc (NYS:M) on Wednesday reported a higher third-quarter profit, helped by sales gains, and raised its full-year profit outlook despite powerful storm Sandy disrupting the lives of shoppers and sales associates in northeastern and mid-Atlantic states. Macy’s reported net income of $145 million, or 36 cents a share, for the quarter ended October 27, up 4.3 percent from $139 million, or 32 cents a share, a year earlier.

Kraft Foods Group Inc (KRFT.O) reported higher third-quarter profit on Wednesday and stood by its full-year outlook despite little improvement in the economy. Kraft said net income rose to $470 million, or 79 cents per share, from $417 million, or 70 cents per share, a year earlier. Revenue increased 3 percent to $4.61 billion.

Time Warner Inc (TWX) posted a higher third-quarter profit on Wednesday as growth in its cable networks offset declines in its film and TV entertainment business. Net income rose to $838 million, or 86 cents a share, from $822 million, or 78 cents a share, a year earlier. Revenue fell 3 percent to $6.84 billion. Analysts were expecting $6.89 billion.

Exxon Mobil (XOM) has informed the Iraqi government it wants to pull out of a $50 billion oil project, and Baghdad expelled Turkey’s state oil operator from another contract on Wednesday, both signals of trouble in Iraq’s petroleum policy.