I think Investor’s Business Daily captured it about right:
“Rebound efforts waned midday Tuesday, just after Barack Obama was sworn in as the 44th president of the United States. The NYSE composite dropped 3.5%, the Nasdaq 3.2%, the S&P 500 2.7% and the Dow 1.9%.”
Any guesses as to the last time the market was this low? Late 2002 and early 2003. In other words, the market thinks the Obama presidency is the biggest reason for pessimism since the Iraq war.