Stocks open sharply lower*

So much for the Obama rally. Now that the presidential election has been resolved, investors are focusing their attention on Washington and that dreaded fiscal cliff. That's the package of tax increases and spending cuts set to take effect on Jan. 1, 2013 - unless Congress and the president reach a compromise. There's also concern about the prospects of a tax increase on dividends. After less than an hour of trading, the Dow is down more than 200 points.

*As of 9 a.m., Dow is down over 300 points.