The S&P 500 has risen about 18% since Biden joined in charges on January 20, 2021, setting a series of new all-time highs along the way. The Dow Jones Industrial Average rose more than 12%.
There performance of the Nasdaq has been less exciting, especially in recent weeks when bond yields in increase helped push the index towards a correction. However, the tech index has risen more than 6% since Biden entered in load.
But US equity markets got off to a rough start in 2022. The Standard & Poor’s 500 and Dow Jones lost more than 4% during the prime sessions of quest’year.
And it adds a strong first year of President Biden’s term to a string of market successes under Democratic presidents, despite concerns over tax hikes.
And when you compare Biden’s first year of rule with his former counterpart Donald Trump, the Standard & Poor’s 500 index rose 24% during the first year. in Trump’s office and these earnings reached 67% by the end of his term.
The US economy has also made great progress in some areas under Biden. The unemployment rate, for example, fell from 6.4% in January 2021 to 3.9% in December. Biden pushed the US Congress to approve the $ 1.9 trillion coronavirus aid package, which included massive stimulus, help for the unemployed and small businesses.
He also signed a trillion-dollar infrastructure bill, leading to a bipartisan victory that unlocked billions of roads, ports and other projects.
But then there is inflation, which rose to 7% in the last month of 2021, the highest level in nearly four decades. Biden acknowledged that Americans are suffering from a rise in the cost of living, which has helped support the Federal Reserve’s efforts to combat rising prices.
“We have to control inflation,” Biden said in a press conference. “The fundamental task of making sure that high prices do not take hold rests with the Federal Reserve, which has a dual mandate: full employment and stable prices,” he added.
He noted that Americans are seeing rapid increases in the prices of groceries, gas pumps and elsewhere. “Given the strength of our economy and the pace of recent price increases, it is appropriate . as Federal Reserve Chairman Powell has indicated, to restore needed support now,” he added.
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