One of the Fox News business "experts" on the teevee this morning claimed that the Dow Jones Industrial Average* closed at 11,444 yesterday because of this week's Republican gains in the House of Representatives. Tuesday's election results were known well before trading opened on Wednesday morning, with the DJIA at around 11,200. After a couple of hours of stasis, it began to fall, and by 2:30 it had lost nearly 100 points. A late rally brought it back to 11,200: No change on the day, despite the Fox expert's Republicans theory.
Then on Thursday morning, after the federal reserve announced $600bn in hated stimulus spending, the noisy condemnation of which is what won Republicans their elections, the Dow Jones gained more than 200 points by 11 a.m. So the Fox News "expert" was basically just making stuff up — par for the course — and the market, which those Republicans speak of as if The Oracle, responded far more positively to the hated spending than to the election of Republicans.
* Note the steady losses during the last two years of the George W. Bush administration and the steady gains under the first two years of Barack H. Obama's (he's the sworn enemy of capitalism bent on destroying the American economy and way of life). Under whose would you prefer to have invested your privatized social security?