The energy, resource and finance sectors led the falls on the local share market today after investors took their lead from Wall Street.
The All Ordinaries lost 0.7 per cent to 4,502 while the ASX 200 ended 33 points down at 4,484.
Overnight, US stocks tumbled to their lowest levels in three months as investors fretted whether the newly re-elected president, Barack Obama, can pull the economy back from the fiscal cliff with a Republican-dominated House.
The Dow retreated 2.4 per cent.
On the local market, coal miners saw some of the sharpest falls; Whitehaven lost almost 3 per cent.
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