New York - Major US stock indices fell on opening Wednesday after the election of Democrat Barack Obama as the next president of the United States.

The blue-chip Dow Jones Industrial Average was down 1.4 per cent at 1508 GMT, while the broader Standard & Poor's 500 fell 1.19 per cent. The technology-heavy Nasdaq Composite Index dropped 1.23 per cent.

Obama celebrated a resounding victory over Republican John McCain Tuesday night after an election campaign that was dominated by concerns over the credit crisis and faltering US economy.

Wall Street stocks had soared on Tuesday in the largest presidential election day rally since 1984, with the Dow gaining more than 300 points. (dpa)