President Joe Biden suffered another ignominious defeat on Tuesday when the Dow Jones Industrial Average dropped for the ninth straight day, the only time that has happened since Jimmy Carter was president in 1978, CNN reported.

The Dow closed down by 267 points.

Should the Dow fall for a 10th straight day under Biden, that would be a first since the Gerald Ford administration in 1974, when it happened 11 straight days, according to CNN.

The Dow dropped as investors were largely focused on the Fed's policy announcement on Wednesday, almost completely pricing in an interest rate cut of 25 basis points.

Overall, the Dow has skyrocketed 1,500 points since President-elect Donald Trump's victory on Nov. 5.

Anthony Saglimbene, chief market strategist at Ameriprise Financial, told CNN that there's "modest reset in expectations around the risks and opportunities associated with the incoming Trump administration next year, and whether a Trump 2.0 policy agenda can spur the type of growth being priced in to stocks."

Information from Reuters was used in this report.

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