The stock market is set to close out President Biden’s first 100 days in office on Thursday with its best start to a presidential term since the days of Franklin D. Roosevelt.
The S&P 500 has risen 10% since Mr. Biden’s Jan. 20 inauguration. The index is on course for its strongest performance since the start of Mr., when it surged 80% after a spectacular crash in the Great Depression, according to a Dow Jones Market Data analysis. By comparison, the S&P 500 rose 5.3% in the first 100 days of President Donald Trump’s term in early 2017 and on average has gained 3.2% over that period in presidential terms since Herbert Hoover’s in 1929.
Investors say it is no surprise that bountiful government spending, increasing Covid-19 vaccinations, growing faith in the economic reopening and continued support from the Federal Reserve have powered the latest leg up in the stock market. Many, though, say it is a mistake for stockholders to focus too much on political questions like which party occupies the White House because corporate earnings and economic growth have a much greater influence on the market. And the S&P 500’s record over the early months of a term doesn’t necessarily indicate the president is business-friendly.
“We do have an economy that’s opening back up, with a super strong consumer, with people getting vaccinated, so it’s a big positive,” said Victoria Fernandez, chief market strategist at Crossmark Global Investments, which manages about $5.5 billion. “Looking since the middle of January, I don’t think anyone can say that there’s a specific reason as to why the market should not have done this.”
It's been strong for years. Bounced back from COVID like it was a speedbump.
Don't get too excited. Daddy Biden is coming for them gains!
lots of $ to go around
GOPChairwoman GOP
Statehood for Puerto Rico now. respect our decision. there are three consultations at different times and years and statehood is what we Puerto Ricans want.
This only applies to a small group of people.
How'd that FDR first term go?
I'm sure it has all to do with Biden and absolutely nothing with the trillions in liquidity pumped into the market.
Inflation hedge