For three years, U.S. President Donald Trump has touted a stunning run-up in the stock market as evidence of his success in the White House. In the space of three weeks, most of those gains have evaporated.
As the coronavirus pandemic spreads fear of a recession, the stock market's rise under the Republican president since he was first elected is now less than half of the gain of his predecessor and rival Barack Obama during the same amount of time.At its peak on Feb. 19, the S&P 500 was up 58per cent from when Trump unexpectedly beat Democratic rival Hillary Clinton in November 2016. As of Thursday, Trump's stock market was up just 20per cent.
"We have a lot of things that we're working on with the financial markets, and it's going to work out fine," Trump told reporters. As fears grew that Washington has not done enough to prepare for the growing pandemic, the S&P 500 on Thursday sank another 4.5per cent in a dramatic end to a bull market that started during Obama's presidency in the aftermath of the financial crisis, and that lasted 11 years.
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