In the stock market, for companies, when you release an earnings report, whether you stock jumps, dives, or remains the same has nothing to do with how you did. It is how you did compared to what everyone (via analysts) were thinking that you would do.
That's you might see a headline that reads "Company A loses $2 billion", yet the stock jumps 25%. That's because everyone expected it to lose $4 billion.
All the known good and bad news is accounted for already in a stock price. Therefore, by the time Obama took office on January 20th, all the bad news from the mortgage mess and the impending recession had already been factored into stocks.
The Dow has declined 18% since Obama has taken office. This subsequent decline is all based on Obama's policies.
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