- Former President Donald Trump tried to take credit for the stock market’s gains under President Joe Biden.
- Trump claimed that investors are betting he will win the 2024 presidential election.
- Key stock market indexes have hit record highs this year, while a series of positive economic developments have tamped down fears of a recession.
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Former President Donald Trump on Monday admitted that the stock market is on the rise under his successor, President Joe Biden — but Trump still tried to take credit for it.
“THIS IS THE TRUMP STOCK MARKET,” Trump claimed in an all-caps Truth social post, “BECAUSE MY POLLS AGAINST BIDEN ARE SO GOOD THAT INVESTORS ARE PROJECTING THAT I WILL WIN, AND THAT WILL DRIVE THE MARKET UP.”
Trump cited no evidence to back up the claim that investors are buying into the stock market now in anticipation that the Republican ex-president will beat the Democratic incumbent in an election nearly 10 months away.
A spokesman for Trump did not immediately respond when asked if he could provide sources to support Trump’s claim.
The Dow Jones Industrial Average swelled to 38,000 for the first time Jan. 22, marking a 1,000-point jump in just 40 days. The S&P 500 hit a record high Jan. 19, which confirmed a new bull market.
When Trump took office on 1/20/2017, the Dow declined 0.4%, to close at 19,732.40.
When Biden was sworn in on 1/20/2021, the Dow rose 0.4% closing at 30,930.52.
So over Trump’s 4 years, that’s a net gain of 11,198.12.
As of today, the Dow is up 0.59% to 38,333.45. Or a net gain of 7,402.93 with 11 months left in Biden’s first term.
By point of comparison:
Obama 1: 7,949.09 to 13,649.70
Obama 2: 13,649.70 to 19,732.40
I usually figure there is about a year at the beginning of each term that is still the result of the previous administration. I’m curious how that would change the numbers here (though not yet curious enough to look it up).
Also, those numbers do a really good job of highlighting just how unrelated the market and the buying power of individuals really is.
In addition, Congress usually passes a government budget before their Christmas break. That results in a new Presdent working from the past President’s budget their first year.