Not exactly. The DJIA was at about $4,500 when Carter took office in January 1977. It was below $3,100 when he left in January 1981.
The Dow is as much a marketing tool as anything. The Dow is also cost weighted, a little company can influence out of proportion. Also, the Dow does not have the same components now that it did even a few years ago.
It isnt meaningless but you cant do the Dow if you arent all in an index fund.