Were John McCain to have won the election and the Dow have dropped the same extent it has in the immediate aftermath, it's highly unlikely the media would not draw the message that Wall Street was taking a nosedive due to the indefinite continuation "of the failed policies of the Bush administration." But with Obama as the victor, the media are not suggesting the markets may be wary of the incoming Democratic administration's tax, spending, and regulatory agendas.
Yet the "Conventional Wisdom" for Newsweek is that the Dow's record-breaking post-Election Day dive is simply a sign that "a new president alone won't settle [the] markets.":
Stockholders [down arrow]: Election Day euphoria gives way to harsh reality that a new president alone won't settle markets
The two-day loss in the Dow since Tuesday is roughly 10 percent, reports the Associated Press. As financial news wire Reuters noted on November 5, the 486-point drop the first day of President-elect Obama's victory lap "marked Wall Street's biggest loss ever on the day after a presidential election."