"First of all," asked President Obama at the Neighborhood Ball tonight, "How good lookin’ is my wife?"
She’s great looking. Wish I could say the same about the Dow, which had its worst day of 2009.
The Dow fell 4%, by 332.13 points, to finish under 8,000.
As the Wall Street Journal reminds us, Inauguration Days are historically bad for the Dow Jones Industrial Average.
"Since the date of the inaugural was moved up to Jan. 20 for the swearing-in of Franklin Delano Roosevelt for his second term in 1937, the date (or nearest trading day) of the swearing-in has been lackluster. The best day was Jan. 21, 1985, the day after the swearing-in of Ronald Reagan for a second term, when the Dow rose 2.77%.
"Otherwise, out of the last 10 January inaugural days following the end of the previous full presidential term, just two have ended with the Dow higher (1985 and 1997), and the rest lower, with the worst day being the -2.09% selloff endured on the day Mr. Reagan was sworn in for his first term. Other inaugural days have been poor, as well — Gerald Ford’s swearing-in on Aug. 9, 1974, saw the Dow fall nearly 1%, and the DJIA lost 2.89% on Nov. 22, 1963, when Lyndon B. Johnson replaced the assassinated John F. Kennedy."
Still. A reminder of the task before President Obama when the tux is at the cleaners.