Thanks Trump?
President Joe Biden had a superb first 100 days in the White House since the Second World War, at least from the perspective of the financial markets.
According to the Business Insider, S&P 500 returns were 25 percent, beating the previous record of 20 percent controlled by former President John F. Kennedy.
President Donald Trump posted returns of 15 percent in his first 100 days.
Get this: the average S&P 500 return was double under Democratic presidents in the first 100 days compared to Republican White House occupants.
CNBC made this important point:
CNBC went on to explain that no president had a tailwind at all comparable to what Biden was handed in January, as Congress already had appropriated more than $3 trillion in stimulus, and the Federal Reserve had relaxed policy to the loosest point in its history.
This means more than $5.3 trillion has been spent on COVID-related relief efforts, and the Fed’s bond purchases have almost doubled its balance sheet to nearly $8 trillion.
Forward-looking investors have even more reason to plow money into the market due to plans by Democrats to spend trillions more on a broad infrastructure plan.
In addition, there is growing hope that growth will continue as more of the economy revives, with the U.S. continuing to vaccinate some three million people a day.
Will the good times keep on rolling moving forward? It depends on what other tenets of Bidenomics are revealed.
That said, since Trump’s gains were attributed to his predecessor, former President Barack Obama, will the media thank Trump for Biden’s successes?
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