For this I decided to look at three values since 1928. The value of the DJIA after the November election. The value of the DJIA on swearing in of president. The value of the DJIA one month after the swearing in.
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This table shows the percent change in the DJIA from election to inauguration, election to 1 month, and inauguration to 1 month. Some may argue that the between the election and the inauguration shouldn't count for this president, but I disagree. The president at this point is a lame duck and I believe that Wall Street will operate in anticipation of the policies that the president-elect touted during his campaign.
President Obama has had a drop of 7% from inauguration to 1 month. Only two other presidents have been this dismal. Roosevelt in his third term also lost 7%. Ford lost 15%, of course Ford was never elected either. So we could accurately say that the DJIA has lost more in the first month of Obama than any other elected president.
If we look at from the election to one month, Obama's DJIA has lost far more than any other president. While the majority of this was in the time before the inauguration (-17%) there was also 2 1/2 months between election and inauguration. So overall, the decline has been steady (further supporting my hypothesis that Wall Street anticipates the policies of the president-elect).
So let's go a little further, how do Republicans compare to Democrats in this respect:
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This doesn't look like there is that much of a difference between the parties. Besides, betting on the market going up about 4% between election and inauguration of a republican, there isn't much difference between the two parties. What this tells me is that over time both Republicans and Democrats have had policies that Wall Street supports and is against. No one is the hero and no one is the big demon.
Let me look at the DJIA over the president's entire term. I looked at it from election to election and inauguration to inauguration.
The best presidents for the stock market have been Clinton, Roosevelt, Reagan, and Eisenhour. The worst have been Hoover, Bush (43), and Nixon. The best single term or less president was Bush(41). The list is the same whether by election or inauguration. The only notable differances between these are that Bush(43) numbers are only half as bad from election versus inauguration and Roosevelt has a 20% decline between inauguration vs election (although since he died in office this isn't quite an equal comparison). Some insights, even though Ford started out dismal (-15%) his term (which was only 2 years) ended with a 26% increase overall. Nixon and Hoover started out looking bad and ended up even worse.
And if we compare Democrats and Republicans:
It's pretty clear, Democrats have been kinder to the market. In fact, besides Carter who basically saw a flat market from the start to the end of his term, every Democratic President has had an increase of at least 18% (which was Kennedy and he only served 2 years). The great disparity in the numbers of inauguration and election, further support my hypothesis that Wall Street looks to the president-elect after his election.
Since the % decrease since the 2008 election of the DJIA is unlike anything any other president experienced, it is difficult to project what the market will continue to do. Needless to say, Wall Street does not like the economic policies advocated by President Obama thus far.