Election over, US stocks dip on challenges to come

Hospital companies soared because of expectations that they will gain business under the health care law, known as ObamaCare. HCA Holdings and Community Health Systems each leapt 6 percent, and Universal Health Services and Tenet Healthcare 5 percent.

With Obama seeking to restrain the growth of military spending, defense companies could struggle to win government contracts. Their stocks fell sharply: Lockheed Martin Lost 3 percent, Northrop Grumman 3 percent and General Dynamics 3 percent.

Among the 10 industry groups in the S&P 500 index, financial stocks and energy companies fell the most.

Banks figure to face tougher regulation in a second Obama term than they would have under Romney. JPMorgan Chase fell 3 percent, Citigroup 3 percent, Bank of America 4 percent and Goldman Sachs Group 4 percent.

The biggest losers were coal companies, which had hoped that a Romney administration would loosen mine safety and pollution rules that make it more costly for them to operate. Peabody Energy dived 7 percent, Consol Energy 4 percent, Alpha Natural Resources 9 percent and Arch Coal 10 percent.

Oil companies fell less steeply.

Alternative energy companies, especially solar manufacturers, rose on expectations that they will continue to enjoy generous subsidies. First Solar and Yingli Green Energy Holding each rose 2 percent.

Daniel Wagner can be reached at www.twitter.com/wagnerreports.