Wall Street drops more than 2 pct

U.S. stocks extended losses, with all three major stock indexes dropping more than 2 percent and the S&P 500 falling below 1,400 for the first time since September 4 on Wednesday, a day after the re-election of President Barack Obama, as comments by European Central Bank President Mario Draghi weighed on sentiment.

The Dow Jones industrial average was down 292.25 points, or 2.21 percent, at 12,953.43. The Standard & Poor's 500 Index was down 31.18 points, or 2.18 percent, at 1,397.21. The Nasdaq Composite Index was down 69.60 points, or 2.31 percent, at 2,942.33.