The stock market has been on a roll, with the S&P 500 and the Dow Jones Industrial Average closing at all-time highs in December and January for the first time in about two years. Politicians are now vying to take credit for this success.
Former President Donald Trump claimed credit for the stock market surge in a recent social media post, attributing it to his polling advantage over President Joe Biden. However, Transportation Secretary Pete Buttigieg countered this claim, stating that Biden, not Trump, deserves credit for the rise.
While Buttigieg was incorrect in stating that the stock market hit an all-time high under Biden and not Trump, it is clear that both administrations saw record highs during their respective tenures. The stock market can be influenced by investor perceptions and crowd psychology, making it a complex indicator of the broader economy.
Currently, the S&P 500 is hovering around 5,100, well above where it was at the end of Trump’s term. Despite fluctuations, most presidents tend to see higher stock prices than their predecessors.
In conclusion, while there is debate over who deserves credit for the stock market’s success, it is clear that both Trump and Biden have seen record highs during their presidencies. The stock market’s performance is a complex interplay of various factors, and caution is necessary when using it to gauge the broader economy.
