On the morning after President Obama's election victory over Gov. Mitt Romney, the financial markets are responding to the news.

Shortly after the opening bell, the Dow Jones Industrial Average dropped by nearly 200 points to just over 13,000.

Check back here for updates on the markets' reaction to the presidential race. And stay tuned to Fox News Channel and Fox Business Network for continuing analysis!

11a ET Update: The Dow is down close to 300 points, dipping below 13,000 for the first time since September.

12p ET Update: The Dow is now down over 300 points. Also fueling the sell-off is a report from the European Union that forecasts economic contraction for this year and predicts very slow growth in 2013.