Biden Calls S&P 500 Record a ‘Sign of Confidence’ in US Economy
- President makes rare comment on stock market after tough week
- Trump said in January he hopes any crash happens within a year
Tourists and shoppers in the Times Square neighborhood of New York.
Photographer: Eilon Paz/BloombergThis article is for subscribers only.
President Joe Biden touted the S&P 500 index’s record high as a sign of US economic strength, making a rare comment on the stock market after a tough week in his reelection bid that focused attention on his age and mental acuity.
The S&P 500 topped 5,000 for the first time on Friday, spurred by big-tech stocks and speculation that the Federal Reserve will cut interest rates soon. By contrast, Biden’s week included gaffes in which he mixed up the names of world leaders — and a special counsel’s report said the 81-year-old president showed “diminished faculties and faulty memory.”