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Polls are down for Dems, but stock market is up

President Barack Obama may end up unhappy with Tuesday's election results, but he can be satisfied with one referendum on his term in office: The stock market.

The S&P 500, a broadly based measure of stock market health, is up nearly 48 percent since Obama was inaugurated Jan. 20, 2009. The Dow Jones industrial average is up nearly 40 percent over the same time period.

Of course, it's worth noting that the stock market fell sharply between the election that put Obama in office and his inauguration, amid gloomy fears that the country was heading for the next Great Depression. The S&P is up just 18 percent from Nov. 4, 2008, and the Dow is up nearly 16 percent in that time period.

Those fears turned out to be unwarranted.

Unemployment is still well over 9 percent and the economy is expanding at a sluggish 2 percent rate, but the recession technically ended in June 2009.

The stock market rally technically began about six weeks after Obama's inauguration, after a report that battered banking giant Citigroup had turned a profit. The Dow is up nearly 70 percent since bottoming out in March 2009.