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On Nov. 24, 2020, after then-President Donald Trump lost the 2020 election, he conducted a brief unscheduled news conference (during which he took no questions). He touted the fact that the Dow Jones industrial average had just passed the 30,000-point barrier. "Never been broken, that number," he said. "That's a sacred number, 30,000, and nobody thought they'd ever see it."
In his remarks, unsurprisingly, Trump failed to acknowledge that the Dow average had risen more than 2,500 points between Election Day (when it closed at 27,480) and the date on which Trump attempted to take credit for the Dow's rise.
During the campaign, Trump also stated repeatedly that the stock market would crash under Biden. As he said on one occasion, "If Biden wins, you're gonna have a stock market collapse the likes of which you've never had."
Like so many of Trump's statements, he was wrong. At the market's close on Dec. 19, 2023, the Dow Jones industrial average hit 37,557, its highest level in history. In short, the Dow has increased more than 10,000 points since Nov. 3, 2020, the date Trump lost the election.
One can legitimately question whether a president's policies (as opposed to the actions of the Federal Reserve) affect the stock market. But, to the extent that the stock market is a barometer on the overall health of the economy, let's not overlook the market's results during the Biden presidency. (Of course, unlike his predecessor, Joe Biden's ego did not lead him to schedule an impromptu news conference to take credit for the market's rise.)
And for those who have the general, though mistaken, belief that the U.S. economy fares better when Republicans are in the White House, don't forget that the largest stock market increase took place when Bill Clinton was president, with the S&P 500 rising 210%. And the second best stock market performance occurred when Barack Obama was president, when the S&P 500 rose 189%.