Stocks drop as Obama speech and housing data weigh: Does this have anything to do with Obama?
Stocks fell on Wednesday as investors found little new in a major speech by President Barack Obama on how he planned to 
stabilize the economy, while gloomy home sales data weighed on the market.Long-standing worries about recession and the fate of the banking sector persisted despite Obama’s speech to Congress on Tuesday night, sending shares of financial services companies, big manufacturers and energy companies lower.
“The market was up 4 percent yesterday and I think that was probably a little excessive given the economic backdrop,” said Michael James, senior trader at regional investment bank Wedbush Morgan in Los Angeles.
“There was a little bit of an overshoot to the upside yesterday and we’re just giving some of that back early as President Obama didn’t have anything substantive to say last night.”
Data pointing to more weakness in the U.S. housing market added to the negative tone.
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