The Stock Market Just Loves Biden Not Getting Things Done
This year’s rally reflects a lack of faith in the president’s ability to push through corporate tax hikes. The market still wants a fiscal boost, though.
Having a hard time, and that’s the way the market likes it.
Photographer: Pool/Getty ImagesPresident Joe Biden is having a tough time of it. Few would disagree that he is in serious political difficulties at present. But the stock market, always taken as a critical validator and benchmark by his predecessor, is going gangbusters under his leadership. It’s interesting to explain why.
This is how the S&P 500 has moved from the first day of trading in the first year of the last six presidencies. With a gain of more than 20%, the S&P has now done better under Biden than it had at the same stage under any of his predecessors since George H.W. Bush: