[ad_1]
Former Vice President Joe Biden will be sworn in as the 46th U.S. president on Wednesday, and his to-do lists will last extraordinarily long as he tries to pull the country out of the worst pandemic in a century and mend the fractures in American politics. .
But by at least one move, Biden supporters could point to the new president’s bullish impact on the stock market since the Nov. 3 election as an early achievement, though it’s hard to pin down any recent gains on the change. of Donald’s diet. Trump to Biden.
Lily: Joe Biden to be inaugurated as 46th president: here’s how to watch
Looking back historically, the all-time champion for election day-to-inauguration performance was one-term Republican President Herbert Hoover, with a 13.3% rally in the S&P 500 SPX,
between his election on November 6, 1928 and his first day in office.
In the 11 weeks between the Nov. 3 election and Tuesday, the S&P 500 was up 12.76%, according to FactSet data.
The comeback puts Biden in second place in the performance, after Republican Hoover, with an exterior photo of overshadowing the Iowan Commander-in-Chief on a term, who served from 1929 to 1933, and found his legacy tied to the soup lines and economic crisis.
Dow Jones Market Data
Hoover’s presidency was marred by the stock market crash of 1929 that occurred about eight months into his tenure and which would ultimately be seen by many as the starting point of the Great Depression.
Biden, however, is hoping for a more auspicious presidency, even as his term begins during a dire time of the COVID-19 pandemic.
Dow Jones Market Data
The United States passed the milestone of more than 400,000 reported deaths from COVID-19 on Tuesday, as the deadly pathogen that took hold almost a year ago sees a new resurgence.
Meanwhile, the United States has been rocked in the wake of an apparent insurgency, where thousands of protesters, namely those claiming to be Trump supporters, stormed the Capitol two weeks ago, leading to a historic second impeachment of the 45th president who was accused of helping. to incite riots which resulted in the death of five people.
Perhaps, more than any other president, Trump tied his success as a leader to the performance of the economy and the stock market, which collapsed amid the fallout from the viral outbreak. Trump’s electoral loss was largely linked to his handling of the public health crisis.
The pandemic has colored the US presidential election, forcing a historic number of remote votes to limit the spread of the virus and delay returns in some states. The Associated Press did not declare Biden the winner in key states until November 7.
And while Biden was instrumental in the recent market advance for the S&P 500, the Dow Jones Industrial Average DJIA,
and the Nasdaq Composite Index COMP,
Since November, there have also been gains in the deployment of Pfizer PFE’s reported high efficacy vaccines,
-BioNTech BNTX,
and Moderna MRNA,
help to strengthen hopes for a short-term economic recovery from the epidemic.
[ad_2]
Source link