Investors were clearly displeased with Barack Obama's comments Wednesday about raising taxes on the top two percent of wage earners.
In fact, stocks began to drop during the President's press conference, and then tanked once he was done (chart courtesy BigCharts.com).
The press conference began around 1:30 PM with the Dow Jones Industrial Average down about 40 points. By the end of the day, it was down 185.
Why?
Well even the Associated Press knew the answer:
Investors didn't draw much hope from a news conference by President Barack Obama. He wants Congress to extend expiring tax cuts immediately for all but the highest income earners...Declining stocks outnumbered advancers by about 9-to-1. Volume was heavier than average, more than 4 billion shares.
After Obama was first inaugurated, traders used to joke about how every time he said something about the economy, the market would decline.
Sadly, it appears those days are back at least for now.
