NEW YORK, Nov. 7 (UPI) -- U.S. stock indexes dropped sharply Wednesday in a quick reaction to the national election, dipping below 13,000.

Overall, economic reactions appeared mixed. The price of December delivery crude oil lost $2.54 to reach $96.17 per barrel. Gold prices were expected to head higher, however, as President Obama's re-election victory was seen as the more likely outcome that would lead to a new round of quantitative easing.

The dollar index climbed 0.19 percent on the International Exchange.

In afternoon trading, the Dow Jones industrial average, which added 133.24 points Tuesday, was off 264.03 points or 1.99 percent to 12,981.65.

The Nasdaq composite index gave up 61.90 points or 2.06 percent to 2.950.03. The Standard and Poor's 500 index shed 27.42 points or 1.92 percent to 1,400.97.

The benchmark 10-year treasury rose 1 2/32 to yield 1.636 percent.

The euro fell to $1.2762 from Tuesday's $1.2815. Against the yen, the dollar fell to 79.96 yen from 80.36 yen.

In Tokyo, the Nikkei 225 index lost 0.03 percent, 2.26 points, to 8,972.89.

In London, the FTSE 100 index dropped 1.58 percent, 93.27 points, to 5,791.63