Well, we hope you are happy with yourself, America: You reelected President Obama and destroyed the stock market. That's what a bunch of angry Wall Streeters, who unsuccessfully sunk millions into defeating Obamawould like you to believe, anyway.

Stocks plunge: Dow's worst day of the year - Nov. 7,

The truth is a bit more complicated. The Dow Jones Industrial Average closed Wednesday down It closed below 13, for the first time in three months.

Throughout the election, Wall Street types took to CNBC to sound the dour warnings that a second Obama term would immediately cause all of your money to catch on fire, because of how much Obama hates business or something. Wednesday's bloodbath would seem to be their most apocalyptic warnings come to life. For one thing, Obama was the perpetual favorite throughout the election, with his odds on the prediction market Intrade never dropping below 50 percent all year.

He consistently led in the polls of key swing states like Ohio and was very seldom behind in measures of the national popular vote.

Stocks Fall on Day After Obama Re-election, but Not as Far as in | Observer

Meanwhile, his challenger, Mitt Romney, spent much of the election shooting himself in the foot. Despite all of these signs of Obama's impending re-election, stocks managed to rally throughout the year, with the Dow up 6 percent since the end ofeven with Wednesday's loss.

What's more, the Dow posted a huge, 1 percent gain, on election day, when Obama's Intrade odds were at 70 percent or better and number-crunchers such as Nate Silver and Mark Blumenthal were calling Obama a percent lock for re-election. And as Business Insider pointed out, stock futures were rising Wednesday morningeven after Obama's fairly resounding victory. They only started falling when it became clear that Europe's perpetual economic crisis was starting to affect German economic growth.

Port arthur stock broker fraud Central Bank President Mario Draghi also warned about the European economy.

And investors started to get nervous again about the prospect of a Greek exit from binary option system dominator diamond euro zone.

All of those things helped conspire to send stocks down by a bunch in early trading.

Are there some effects of Obama's re-election in the market? Many investors are only just now waking up to the possibility that he will push fiscal-cliff negotiations to the limitbecause he has the leverage to do so.

Obama Re-election Prompts Largest Stock Market Drop in a Year » Alex Jones' Infowars: There's a war on for your mind!

The banking sector is taking a beating todaynot only because of its exposure to the European economy, but also because Obama's re-election, and Elizabeth Warren's election to the Senate, means the Dodd-Frank financial reform law, and the hated Volcker Rule limiting proprietary trading, are a done deal. In any event, even if this is stock market reaction to obama re-election just a Wall Street tantrum over their guy losing the election, we have seen this stock market reaction to obama re-election before, and we know it usually has a happy ending.

The Dow collapsed points on the day after Obama's election innotes the Wall Street Journal's MarketBeat blog. It went on to virtually double in value in the four years of his first term. In other words, Wall Street will get over it.

Election Report

Economic Conspiracy Theorists Economic Conspiracy Theorists Economic Conspiracy Theorists 1 of 8 Jack Welch Jack Welch, former CEO of General Electric, tweeted on Friday that President Obama's team must have cooked the September jobs numbers in order to help his reelection chances.

But these claims are baseless: The Bureau of Labor Statistics is an independent agency that conducts scientific random surveys. NEWS Highline Science Education Weird News Business TestKitchen Tech College Media. POLITICS Pollster Heroin Epidemic Donald Trump Racial Inequality US Senate Election Results HuffPost Hill Police Brutality Hate Crimes Supreme Court Congress So That Happened.

LIFESTYLE Healthy Living Travel Style Taste Home Relationships Horoscopes. VOICES Black Voices Latino Voices Women Fifty Queer Voices Parents.

IMPACT Reclaim Project Zero Good News. MORE Books Candidate Confessional College Crime Divorce Eat the Press Education Green Outspeak Religion Small Business Sports Teen Weddings. Obama Reelection Not To Blame. There are just a few problems with their theory. But it is crazy talk to pin one day's market swoon entirely on an Obama re-election. Jack Welch, former CEO of General Electric, tweeted on Friday that President Obama's team must have cooked the September jobs numbers in order to help his reelection chances.

Mark Gongloff Managing Editor, Business and Tech, The Huffington Post. Obama Stock Market Politics Wall Street Stocks Stock Market. From Our Partners Presented by LendingTree. ABOUT US ADVERTISE About Our Ads Contact Us RSS FAQ Careers Archive User Agreement Privacy Policy Comment Policy. Obama Reelection Not To Blame", excerpt: That's what a bunch of angry Wall