The 2020 presidential election saw Joe Biden defeat incumbent Donald Trump. The two candidates currently stand as the leading contenders of their respective parties for the 2024 presidential election.
Here’s a look at how the stock market has performed since Biden took office and how it compares to the time Trump was in office.
What Happened: Biden’s win in the 2020 presidential election saw the Democrat take over as president on Jan. 20, 2021 with an inauguration ceremony at the White House.
The markets rallied after Biden won the 2020 presidential election on Nov. 3, 2020, and continued upwards during his first year as president. The S&P 500 gained 37.4% during Biden’s first year in office, which was the best one-year market return under a president since Harry Truman in 1945.
In 2022, the S&P 500 experienced a decline of over 19%, representing the largest annual drop since 2008.
Biden’s presidency has been met with several economic hardships including the recovery from the COVID-19 pandemic and a period of high inflation.
The economy remains a key issue for voters ahead of the 2024 election, and some have blamed Biden for not doing enough to help consumers who are struggling with higher prices and living expenses.
The stock market’s performance during previous presidencies has been a hot topic of late with Biden launching a campaign video that highlights the stock market indexes, like the S&P 500 hitting all-time highs.
The video comes as a response to Trump’s prediction that there would be an economic downturn with Biden in office.
“Good one, Donald,” Biden’s Twitter account said while sharing the video.
Trump has argued against the notion that Biden’s economy should be praised. “The stock market is making rich people richer,” Trump said at a recent rally, while commenting on Biden’s economy. His comments came after the S&P 500 and Dow Jones Industrial Average hit record highs.
“Biden’s inflation catastrophe is demolishing your savings and ravaging your dreams.”
Related Link: President Biden Wants Federal Employees To Drive Or Support Electric Vehicles: How Uber, Lyft, Hertz Could Benefit
Investing $1,000 in S&P 500: The SPDR S&P 500 ETF Trust (NYSE:SPY), which tracks the S&P 500 Index, opened for trading at $381.11 on Jan. 20, 2021, the day Biden was inaugurated as the 46th…
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