New York City -
The stock market on wall street opened down over 200 points with stocks in nearly every sector of the economy posting losses.
One hour after the market opened the dow was down 200.44, or 1.51% at 13,045.24.
Stocks began their slide in pre-market trading on news that European leaders have all but stated a recession can't be avoided.
Also driving down the market were investors focused on how President Obama plans to avoid the fiscal cliff after he won re-election Tuesday night.