The day after President Barack Obama was re-elected president, the stock market made a historic drop.

The Dow Jones Industrial Average closed Wednesday down by 312.95 points or nearly 2.4 percent, the worst sell off of the year, according to financial analysts.

The stock market closed below 13,000 for the first time in three months. The Standard & Poor's 500-stock index also suffered a 2.4 percent drop and the Nasdaq composite index fell nearly 2.5 percent.

Throughout the election process, Wall Street personnel's spoke on CNBC to warn the public that a second Obama term would immediately cause "all your money to catch on fire," the Post reported.

The question that now lingers in the minds of many is whether or not the reelection of the president is to be blamed for the tumbling stock market.

Obama was America's favorite as he won the election with 303 electoral votes.

According to the Post, many investors were woken up by Obama's re-elect with the fear that he will push fiscal-cliff negotiations to the limit, as he has pledged to do so.

The Post also reported that the banking sector is taking a beating not only because if its exposure to the European economy, but also because Obama's re-election and Elizabeth Warren's election to the Senate, means the Dodd-Frank financial reform law and the Volcker Rule limiting proprietary trading are a done deal.

Despite the loss of the stock market, The Dow was up on Wednesday by 6 percent. It gained 1 percent on Election Day.

The Wall Street Journal reported that the Dow collapsed 468 points the day after Obama was elected into office in 2008. It went on to double its value under his administration in his first four years.