Three points. That ain't much. I'm dubious about these things being connected.
As you know by now, the S&P is up strongly today (16 points already); 3 points was a blip and a sell-the-news reaction.
I heard somewhere that a Kerry win would be good short-term for the market. The reasons: probable reduction in costs to nation of waging wars; resumption of an unapologetic big-government / big-spending regime.
Yes, Bush has grown government a lot (and that's not good). But Kerry would usher into power a whole legion of people pushing for government participation in the economy; these new projects would lubricate and "benefit" big business, to everyone else's long-term detriment.
Vote Bush.