Former president Donald Trump’s past remarks have come back to haunt him as the stock market hits a new high under President Joe Biden. As per The Huff Post , the Dow Jones Industrial Average recorded an all-time high on Wednesday and prompted Democrats to troll Trump regarding his previous comments about the stock market. During a 2020 presidential debate, the Republican leader had forewarned voters that if Biden prevailed, the markets would “crash.” “If Biden wins, you’re gonna have a stock market collapse the likes of which you’ve never had,” Trump had claimed. In a video, MeidasTouch Network emphasized that assertion and compared it to the news from Wednesday. Biden too called out Trump by tweeting a new campaign video showcasing the economic gains saying, “Good one, Donald,” on X.
Good one, Donald. pic.twitter.com/XNtiU4bqSF
— Joe Biden (@JoeBiden) December 15, 2023
As per CNBC , the edited clip showcased intercuts with news anchors praising the recent gains in the stock market. A noteworthy Fox Business clip had Trump’s former chief economic advisor, Larry Kudlow, expressing his amazement at the state of the market. “Uh, let’s just talk for a moment about the stock market. Boom,” Kudlow is seen expressing. The current campaign video shows the Biden campaign’s increasing willingness to go straight after Trump, who leads the Republican primary field by a margin of more than 40 points. It also shows a change in direction from the Biden campaign, which has spent the last 12 months emphasizing a positive message and highlighting Biden’s job creation and economic achievements.
Now that the Dow Jones just broke 37,000 for the first time in HISTORY, let’s remember what Trump predicted would happen to the stock market if Biden were elected. pic.twitter.com/rCpZJQ1cYC
— MeidasTouch (@MeidasTouch) December 13, 2023
As per The US Bank , through November of 2023, stocks had increased by almost 20% under the Biden administration; yet, the majority of this rise was generated by a small group of S&P 500 sectors that were dominated by technology-related businesses. According to Rob Haworth, senior investment strategy director at U.S. Bank Wealth Management, “The market is currently at a wait-and-see point when it comes to the 2024 election, seeking more clarity about the candidates, the possible election outcome and the potential economic and market ramifications.”
Donald Trump tonight: “If we’re not elected, we’ll have a depression the likes of which I don’t believe anybody has ever seen.” Sounds familiar? Before the 2020 election, Trump said that if he’s not getting re-elected the stock market would crash. Meanwhile, the GDP grew 5.2%… pic.twitter.com/0tpaxylbQA
— Republicans against Trump (@RpsAgainstTrump) December 14, 2023
According to CFRA, Biden is currently the ninth president among the 13 presidents that have served in office concerning stock market performance. As per CNN Business, the only presidents who have performed worse are George W. Bush (-32.8%), Carter (-8.9%), Richard Nixon (-17.2%), and John F. Kennedy (-2.1%). According to CFRA, the S&P 500 increased by 52.2% in the first 656 days that former President Barack Obama was in office and by 23.9% in the first 656 days that former President Trump was in office.
As per Market Watch , the current high in the stock market is correlated to the Federal Reserve’s signal on Wednesday that it is shifting away from interest rate hikes intended to control inflation has boosted the Dow and other U.S. stock indices, including SPX COMP. In its place, the central bank plans to lower interest rates three times in 2019.