<p>Stocks plunged 2 percent on Wednesday, putting the S&P 500 on track for its biggest drop since June, and the Dow plummeting nearly 300 points.<br /><br />Investors' focus shifted from President Barack Obama's re-election to the looming “fiscal cliff” showdown and whether it could create another U.S. recession.<br /><br />Energy, healthcare and the banking sectors ranked among the hardest hit after Obama defeated Republican Mitt Romney, whose policy positions favored those industries. Defense shares also plunged.<br /><br />The Dow Jones industrial average .DJI was down 305.88 points, or 2.31 percent, at 12,939.80. The Standard & Poor's 500 Index .SPX was down 31.49 points, or 2.20 percent, at 1,396.90. The Nasdaq Composite Index .IXIC was down 69.66 points, or 2.31 percent, at 2,942.27. The S&P 500 also below the key 1,400 level for the first time since September 4.</p>
