Why Stocks May Keep Falling: 'The Sugar High Will End'

Investors cast their own vote on the presidential race Wednesday, and the result was a landslide rout that could have lasting repercussions beyond Tuesday's results.
A day after President Barack Obama stormed past Republican challenger Mitt Romney, the stock market sent a clear message: There's still a lot more to do than win a campaign.

Market experts said a confluence of factors are poised to make for a difficult environment that could last well into 2013, which traditionally would be a slow year outside of all the present headwinds.

Theories abounded on why the market tumbled. They ranged from worries over the "fiscal cliff" of tax increases and spending cuts, as well as troubles in Europe, a slowdown in the U.S. and questions over the efficiency and effects of Federal Reserve policy. (Read More: For Investors, More Fed Easing, Cliff ‘Heart Attack’)

More broadly, the aggressive sell-off came as little surprise considering the array of challenges Obama faces in his second term and the record of infighting between the White House and Congress.

"Economic prospects might not have been much different if Mitt Romney had won, especially as Congress remains divided. But the subsequent weakness in equities makes sense too," Julian Jessop, chief global economist at Capital Economics, said in a note to clients. "As we had anticipated, the focus has quickly moved on to the uncertainty over the 'fiscal cliff,' and perhaps back to the unsolved crisis in the euro-zone as well."

Read more: http://www.cnbc.com/id/49728143