According to a pair of recent reports, President Joe Biden’s stock market is outperforming those of his predecessors, and news of his $2 trillion infrastructure plan has spurred record highs in some indices.
Biden has returned the presidency to the pre-Trump norm of downplaying stock market losses and gains as indicators of economic health, but even if he’s not bragging, the news itself is.
According to Axios, President Biden’s first 50 days in office saw greater growth than in those of former Presidents Barack Obama and Donald Trump:
President Biden doesn’t publicly talk about stock market performance during his time in office, but he’s slightly outpacing his more boastful predecessor.
By the numbers: The S&P 500 increased by 4.6% during the first 50 trading days of the Biden presidency, from market close on Jan. 19 to market close on March 31. Trump’s first 50-day bump was 4.4%, whereas President Obama was down 6.1%.
Biden also outperformed Trump in terms of Dow Jones Industrial Average performance, but Trump topped Biden on NASDAQ Composite performance.
The report also noted the differing economies these presidents inherited, as Trump took office during a years-long recovery while Biden and Obama took over following economic crises.
Asian markets rose on Friday following a record-breaking session on Wall Street.
The S&P 500 broke the 4000-point barrier for the first time, while the Nasdaq and Dow Jones also made gains.
Investors were buoyed by President Joe Biden’s new $2.3tn (£1.7tn) infrastructure spending plan and growing optimism about the economy.
While Trump spent his entire presidency talking up the stock market, Biden has refrained from doing so, and even attacked Trump during the presidential campaign over his emphasis on markets.
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