No Obama Effect on the Markets

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It's a little uncanny, right?
It's a little uncanny, right? Photo: David Needleman

Everyone in Washington is smiling, but the markets are still depressed: In late trading, the Dow dropped 332.13 points to 7,949.09, the S&P 500 to 805.22. Citigroup fell 20 percent to freaking $2.90 a share; JPMorgan Chase fell 21 percent; and Bank of America took a wallop, falling 29 percent. Why? Was it all Roubini? [WSJ]