In 2020, former President Donald Trump warned that the historic stock market boom on his watch would implode if voters replaced him with Joe Biden.
“If you want your 401k’s and stocks…to disintegrate and disappear, vote for the Radical Left Do Nothing Democrats and Corrupt Joe Biden,” Trump tweeted in July 2020.
It was an ominous warning from a president who, more than his predecessors, obsessed over market gains and viewed them as a real-time barometer of his success.
In reality, with Biden in the White House, the US stock market not only preserved those Trump-era gains, but generated even more massive ones for millions of Americans’ 401(k) plans, nest eggs and college savings plans.
The S&P 500, the gold-standard market index of 500 US stocks, has posted a compound annual growth rate of 14.1% from Biden’s November 2020 election through Thursday’s closing bell, according to veteran market strategist Sam Stovall of CFRA Research.
The market returns under Biden are the second best in modern history going back to 1945, Stovall found. The only stronger performance was during the booming dotcom days under former President Bill Clinton during the 1990s.
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Article URL : https://www.cnn.com/2024/11/01/investing/stock-market-biden-trump-democrats-republicans/index.html