Obama the market killer.
The Dow Jones Industrial Average closed 9,625 on Tuesday November 4, 2008 when we voted for our 44th president. The next day, after Obama had won it lost -5% (worst single day following a presidential election).
The Dow opened at 8281.22 on the morning of Obama's inauguration. Today it opens at 7,377 or almost a full quarter of market capitalization has been lost - again a record loss in stock market wealth following a presidential election.
That's a vote of practically no confidence in Obama's strategy for reviving the economy. The numbers were worse on the biggest days of the Obama presidency. The Dow fell 332.13 points on inauguration day, 381.99 points on the day Treasury Secretary Tim Geithner announced step two in the bank bailout, and 297.91 points when the president signed the stimulus bill three days ago. Financial markets are a bet on the future. The market's view is that an Obamanomics-driven economy looks grim.