Well, well, well.
Republicans may be shaking their heads at the president publicly, but in private they are nodding and grinning at the growth of their portfolios during this first 100 days of the Biden administration. Of course, they are criticizing Biden when and in whatever way they can, but one area where critics are having a hard time criticizing the president is the equity market. In fact, stocks are on fire.
How hot is their start? Well, you have to go back to the 1950s when Dwight Eisenhower sat in the oval office.
This chart from CNBC.com says it all:
“Biden’s first 100 days have already delivered the strongest post-election equity returns in at least 75 years, due to record fiscal stimulus and despite heavy use of Executive Orders,” JPMorgan Chase strategist John Normand said in a note.
Not bad for a guy that was supposed to destroy the market with his socialist policies (at least, according to his opponent).
Since Inauguration Day (really, 103 days, to be exact) the S&P 500 has risen 24.1%.
To be fair, Republicans are right to at least partially dismiss this Biden boom as a continuation of the stock market fervor that has been in full swing (with some dips) since March 2020 after the coronavirus-laden bust. But you have to be consistent: Trump's stock market boom over his term, while impressive, was arguably just an acceleration of the Obama/Biden bull market that began the minute that duo began to dig the country out of the housing bubble hole.
In any case, the market is on a tear and Biden's $3 trillion stimulus is, in part, responsible for this current bull market. How long this will last and whether or not the now $8 trillion spent since the pandemic began to combat the health and economic crisis will eventually drive taxes and inflation so far up, stocks go down remains to be seen. But one thing is for certain: The claim that the market would crash if Biden got elected was, well, a bunch of malarkey.