Stocks fell on Wednesday in the wake of Barack Obama's reelection as president as comments by European Central Bank President Mario Draghi underscored the weakness in Europe's economy.

The Dow Jones industrial average was down 118.58 points, or 0.90 percent, at 13,127.10. The Standard & Poor's 500 Index was down 13.99 points, or 0.98 percent, at 1,414.40. The Nasdaq Composite Index was down 38.66 points, or 1.28 percent, at 2,973.27.

(Reporting by Angela Moon; Editing by Bernadette Baum)