Since President Obama won re-election on Nov. 6, the Dow Jones Industrial Average has fallen sharply. The Dow sank again Thursday, dropping by more than 100 points to around 12,600.

Earlier today, the Labor Department announced a sharp rise in weekly jobless claims, with the increase blamed in part on those impacted by Hurricane Sandy.

Stuart Varney weighed in on the economic situation this afternoon on America Live. He pointed to several factors for the recent sell-off, including President Obama's

stated desire to raise tax rates for the wealthy, along with the possibility of raising taxes on dividends and capital gains.

Varney said investors are looking at paying higher capital gains taxes next year, and deciding to sell stocks now before the new rate is implemented.