Obama was elected because of the drop in the DOW, not vice versa.
Markets don’t care much about the resident of the White House. They don’t like recessions and they don’t like bad macro news, such as collapsing manufacturing and retail. All else equal, markets prefer regulation to depression, bailouts to letting megaplayers fail, rising government spending to contracting consumer spending.
For the last few months, it’s been nothing but bad macro. Things are looking quite bleak. Obama will likely be positive for the stock market when he actually takes office – but that won’t happen for another two months.
