Stock market soars under Biden, Trump claims credit

Former President Donald Trump acknowledged that the stock market is experiencing an upswing under his successor, President Joe Biden. However, Trump couldn’t resist taking credit for the positive momentum, boldly declaring, “THIS IS THE TRUMP STOCK MARKET” in a fervent Truth Social post.

In the same post, Trump acknowledged challenges in other areas, stating, “EVERYTHING ELSE IS TERRIBLE (WATCH THE MIDDLE EAST!), AND RECORD-SETTING INFLATION HAS ALREADY TAKEN ITS TOLL. MAKE AMERICA GREAT AGAIN!!!”

Trump asserted that the surge in the stock market reflects his strong polling numbers against Biden, suggesting that investors are optimistic about his potential return to the presidency. Strikingly, he offered no concrete evidence to support this claim, leaving many to question the basis of his assertion.

Stock market rally

Despite Trump’s attempt to claim ownership of the Stock market rally, recent economic indicators tell a different story. The Dow Jones Industrial Average reached an impressive 38,000 on January 22, witnessing a remarkable 1,000-point surge in just 40 days. Simultaneously, the S&P 500 achieved a record high on January 19, confirming the arrival of a new bull market.

National polls continue to depict a closely contested race between Trump and Biden, with some recent surveys, like the Reuters/Ipsos poll from last week, showing Trump leading by a small margin. As Trump emerges as the frontrunner for the 2024 Republican nomination, his bold claims add an intriguing layer to the political landscape.

It’s worth noting that before the 2020 election, Trump predicted a stock market crash if Biden assumed office. Similarly, in a recent town hall event on Fox News, he echoed a similar sentiment regarding the 2024 election, proclaiming, “I think there will be a crash if I don’t win.” However, contrary to these predictions, the anticipated economic downturn has not materialized.

Economic experts are now contemplating the possibility that the U.S. economy may not only avoid a recession but could also sidestep a “soft landing” scenario.

As the economic landscape evolves, the juxtaposition of Trump’s claims and the prevailing positive indicators creates an intriguing narrative in the ongoing saga of U.S. economic recovery.